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How do I treat the cost of furniture purchased for a furnished rental apartment?

Forum|Forum|6 years ago
June 1, 2019
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This is a college rental, and the market seemed better for furnished apartments, so we furnished it before renting it out. The furnishings are not improvements, as they aren't fixed. But they were purchased for and are used only for this rental property.

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Best answer by ChelsiE2

After you've entered preliminary details regarding your rental, you'll come to a screen called "Your Rental Summary". Note: you have to go through the entire questionnaire regarding purchase price, date acquired, etc.

On Your Rental Summary you'll be able to enter other assets under the Assets/Depreciation section (such as the furniture you mentioned). Please see attachment.

C

ChelsiE2Answer

After you've entered preliminary details regarding your rental, you'll come to a screen called "Your Rental Summary". Note: you have to go through the entire questionnaire regarding purchase price, date acquired, etc.

On Your Rental Summary you'll be able to enter other assets under the Assets/Depreciation section (such as the furniture you mentioned). Please see attachment.