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Re: Carpet and paint - Landlord Forum thread 151017

Re: Carpet and paint by an accountant (USA) on February 7, 2008 @23:50

                              
Yes, you are really lucky the tenants didn't take you to court. You charged them 20% too much for the replacement if you used a 10 year depreciation. If the carpets were 7 yrs old / a 10 yr depreciation schedule = 70% of their useful life is gone. You could only have charged them with 30% of the replacement value. You committed fraud. If you were using a 5 yr depreciation schedule, you were not entitled to charge them anything since the useful life had already been used according to your own papaerwork with the government. There is no debate over this. When you fill out the IRS schedule, you set the schedule for valuing that carpet for its life. Even if the carpet still looks good, the useful life has already been used up if it is fully depreciated! I suggest you not do this again before you have to explain it to the IRS and a judge. Good thing you posted as anonymous.
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