 deposit (by rodney [GA]) May 7, 2009 2:27 PM
 deposit (by Peter [NY]) May 7, 2009 3:29 PM
deposit (by Hamlet [GA]) May 11, 2009 12:16 PM
deposit (by Hamlet [GA]) May 11, 2009 12:17 PM
deposit (by rodney [GA]) Posted on: May 7, 2009 2:27 PM
Message:
State Specific Question About: GEORGIA (GA)
my tenant is moving out and wants their deposit but the new carpet as well as other things are unusable in the house. how do you depreciate the replacement of these items when charging the tenant for replacing them. --74.232.xx.xxx |
deposit (by Peter [NY]) Posted on: May 7, 2009 3:29 PM
Message:
If they are paying for them It would be a income from them and expense to you with no depreciation If they are already being depreciated --71.176.xxx.xxx |
deposit (by Hamlet [GA]) Posted on: May 11, 2009 12:16 PM
Message:
You need to distinguish between "wear and tear" and damage. Carpet should last about five years, so replacement before that is worth 20% for each year's use you didn't get.
"Wear and tear" is considered to be what happens in normal use and you cannot charge for that. Holes in the wall, writing on the walls, cleaning, etc, are not considered "wear and tear". Charge the ex-tenant what it costs you to have repairs made.
In GA, you must provide an accounting of deductions from the deposit - be sure to provide that in writing within 30 days of move out.
--98.66.xxx.xx |
deposit (by Hamlet [GA]) Posted on: May 11, 2009 12:17 PM
Message:
As far as accounting for what you retain from the deposit and what it costs for the repairs, those two numbers should be exactly the same, and therefore no effect on your books. --98.66.xxx.xx |
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