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Updated almost 12 years ago,
How to account for disposing personal property
Hi, I purchased a furnished rental property last year. I created a separate depreciation item for the original personal property which is in year 2 of 5 years of depreciable life. I recently did a remodel and donated/threw in the trash most of the original personal property. I believe the correct process is to take the remaining depreciable amount for the disposed of items and claim as an expense in the current year. Correct? How do I do that specifically with tax forms? Include as depreciation?