depreciation of a/g pool

[stirling]

From: Stirling Reid


I have a property that is less than 10 years old. It had a above ground pool that has since passed its useby date "become deceased" "it has become an ex pool". It had no salvagable value in fact it cost money to remove. Do I continue to depreciate it at 2.5% or can I claim the whole lot or something else?

Stirling

 

[DaleGG]

Reply: 1
From: Dale Gatherum-Goss


Hi Stirling

The words of the monty python gang come to mind when you described the pool. . . so thanks for the chuckle.

It would be important to identify what the value the pool was showing in your depreciation schedules. For example, if it was written down to $2,000 then you would now claim the entire $2,000 as a tax deduction rather than continue to depreciate it given that it has ceased to exist.

I hope that this helps

Dale