Hi guys,
I've got a situation here.
Bought an IP in Nov2009 and got the depro to do the dep. schedule for me. The value of the kitchen stove was $563 in dep. schedule.
Now, in Sep 2010 (less than 1 year), I had to replace the old stove with the new one (cost $550). At the day of installing new one, the residual cost of the old stove was $480.
Can I claim this residual cost of $480 straight into my tax return. And, I'll remove the further depreciation on the old stove for future and add the depreciation of the new stove from the date of installation.
Is it right thing to do?
Regards
Sanjay
I've got a situation here.
Bought an IP in Nov2009 and got the depro to do the dep. schedule for me. The value of the kitchen stove was $563 in dep. schedule.
Now, in Sep 2010 (less than 1 year), I had to replace the old stove with the new one (cost $550). At the day of installing new one, the residual cost of the old stove was $480.
Can I claim this residual cost of $480 straight into my tax return. And, I'll remove the further depreciation on the old stove for future and add the depreciation of the new stove from the date of installation.
Is it right thing to do?
Regards
Sanjay
