Hi all
I had water damage to my propery and the insurance company paid for new kitchen cabinets $6750 direct to the builder. Landlord insurance paid me $1870 for a floating floor and I used the money to pay for it myself.
Do I -
1. Declare the $1870 as income and claim as depreciation(diminishing value), and not declare the $6750 and not claim deductions?
2. Declare both as income, and claim floor as diminishing value and cabinet as capital works.
3. Dont declare any as income and not claim depreciation on either.
4. Some other combination of the above.
Do I have a choice?
Thanks
I had water damage to my propery and the insurance company paid for new kitchen cabinets $6750 direct to the builder. Landlord insurance paid me $1870 for a floating floor and I used the money to pay for it myself.
Do I -
1. Declare the $1870 as income and claim as depreciation(diminishing value), and not declare the $6750 and not claim deductions?
2. Declare both as income, and claim floor as diminishing value and cabinet as capital works.
3. Dont declare any as income and not claim depreciation on either.
4. Some other combination of the above.
Do I have a choice?
Thanks