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Purchased investment property with Furniture and all appliances

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  • 21-04-2016 1:54pm
    #1
    lotusm
    Registered Users Posts: 313 ✭✭


    Hello,

    I bought my first investment property in January 2015. As part of the deal all existing furniture and appliances were included in the final price of the house . The value of the furniture and appliances was put at €2500. Just wondering am I entitled to deduct it as a capital allowance over 8 years.

    thanking all in advance :)


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    #2
    ping pong
    Registered Users Posts: 46 ✭ping pong


    Yes you can, as long as the valuation is based on real values.


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    #3
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    lotusm wrote: »
    Hello,

    I bought my first investment property in January 2015. As part of the deal all existing furniture and appliances were included in the final price of the house . The value of the furniture and appliances was put at €2500. Just wondering am I entitled to deduct it as a capital allowance over 8 years.

    thanking all in advance :)

    Seems like a very low value for the furniture, fixtures and appliances.......
    Yes- though- you are entitled to deduct it as a capital allowance over 8 years.


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    #4
    Baby01032012
    Registered Users Posts: 1,622 ✭✭✭Baby01032012


    lotusm wrote: »
    Hello,

    I bought my first investment property in January 2015. As part of the deal all existing furniture and appliances were included in the final price of the house . The value of the furniture and appliances was put at €2500. Just wondering am I entitled to deduct it as a capital allowance over 8 years.

    thanking all in advance :)

    A little off topic - when you paid stamp duty of 1% did you deduct the 2500 to arrive at value of the property, just something I noted recently as a way to save a few euro.


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    #5
    4ensic15
    Banned (with Prison Access) Posts: 4,691 ✭✭✭4ensic15


    Baby01032012 wrote: »
    A little off topic - when you paid stamp duty of 1% did you deduct the 2500 to arrive at value of the property, just something I noted recently as a way to save a few euro.

    That is not allowed. The entire transaction or series of transactions has to be taxed as one. When stamping the deed it has to be declared whether or not is is part of another transaction or series of transactions or not.


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    #6
    Baby01032012
    Registered Users Posts: 1,622 ✭✭✭Baby01032012


    4ensic15 wrote: »
    That is not allowed. The entire transaction or series of transactions has to be taxed as one. When stamping the deed it has to be declared whether or not is is part of another transaction or series of transactions or not.

    I think the point is that stamp duty is on the value of the property being assigned not the contents. When purchasing property with contents included it can be worth placing a value on the contents separate to the property. That is from a trusted solicitor. Although I've no interest for sake of say €50 (1% of €5000)


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