Fixtures/fittings value for tax return purposes

Sheep Shagger

Apologies if this should be in tax forum - wasn't sure where best to put it.

Am completing a tax return for retal income in 2011, I know that you can claim 12.5% for the first 8 years depreciation, my question is what amount do people typically value their fixtures and fittings at?

I have landlords insurance with €20k of cover so would that be a suitable amount to use (€20k at 12.5%)? By fixtures and fittings I assume it is the cost to replace evertything from kitchen whiteware to funriture, to floorboards etc etc?

Just curious to how people assess their fixtures and fittings value?

Thanks,

D3PO

Sheep Shagger wrote: »

Apologies if this should be in tax forum - wasn't sure where best to put it.

Am completing a tax return for retal income in 2011, I know that you can claim 12.5% for the first 8 years depreciation, my question is what amount do people typically value their fixtures and fittings at?

I have landlords insurance with €20k of cover so would that be a suitable amount to use (€20k at 12.5%)? By fixtures and fittings I assume it is the cost to replace evertything from kitchen whiteware to funriture, to floorboards etc etc?

Just curious to how people assess their fixtures and fittings value?

Thanks,

their value is what you paid for them. sounds simplistic but it is.

If you purchased the house in 2011 as a buy to let which is the vibe im getting and these are fixtures and fittings included in the sale you use the figure you paid as part of the sale contract.

If you didnt specifically pay for these items then you cant write them off against tax.

Sheep Shagger

Thanks,

Bought the place in 2007 to live in (so kitted it out then), moved out in 2009 and (unfortunately) became a landlord. Have had to replace stuff since then as well.

D3PO

Sheep Shagger wrote: »

Thanks,

Bought the place in 2007 to live in (so kitted it out then), moved out in 2009 and (unfortunately) became a landlord. Have had to replace stuff since then as well.

ok well you should have reciepts for what you bought since 2007 given you bought to live in maybe you dont which is a problem.

ultimately if you dont have the reciepts of what you paid for them you shouldnt write em off. You could do (and ligitimately so) the problem is if your audited your up the creek without a paddle and revenue arent in the least big accomadating its black and white with them.

The_Conductor

As D3PO says- you have specific receipts for any fixtures or fittings- and depreciation is on a flatline basis from the date of purchase on the receipt. If you don't have a receipt- you don't get to depreciate them. You can argue this all you like with Revenue, and believe you me, many people have- but at the end of the day, if you don't have a receipt- you don't have a deduction.....

Sheep Shagger

Thanks to you both - have all the receipts filed so will work out a figure from that.

D3PO

Sheep Shagger wrote: »

Thanks to you both - have all the receipts filed so will work out a figure from that.

just remember (not an issue for this years returns) deprection is from date of purchase.

so if you bought stuff in 2007 the 8 year clock starts then so you cant write off for 8 years worth of rentals beginning 2009.