Carpet depreciation

Discussion in 'Property Investment - Other' started by paguatao, 22nd Jul, 2014.

  1. paguatao

    paguatao Member

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    We bought new carpets last year, approx $2000 for the rental property. I need to do our tax return now and would appreciate any help.

    I have an existing tax depreciation schedule which I've used for the last few years. I'm assuming with the new carpet, we have to somehow add it to schedule and take off the value of the old carpet?

    Is that as easy as it sounds??
     
  2. depreciator

    depreciator Member

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    If the old carpet is in the Low Value Pool and you have used the Pool, the easiest thing would be to leave it there and keep depreciating it.
    Then just add the new carpet.
    Whoever did your Dep Schedule can update it. We do that all the time and don't charge.
     
  3. datto

    datto Member

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    How low can it go?

    How low can the low value pool go before you can write it off completely?