I renovated an investment apartment 2 years ago and sold it this year.
I am aware that depreciation of furniture and equipment is 12.5% p.a. over 8 years; but given that the apartment was sold after 2 years, can i right off the balance of the expenditure in my next tax return?
You say you renovated an apartment - If you mean you painted and general maintance and put in new fixtures and fittings then you need to split the the painting and general maintance which can be written off in the year of expenditure and f/f which as you say are written off over 8 years. F/f are carpets, cookers, central heating
can i right off the balance of the expenditure in my next tax return?
Not that I'm aware of as the Fixtures / Fittings are deemed to have a value.
If you added value, did alterations or improved the property (some might argue as there is a fine line here) then you should have capitialised the investment and it can't be claimed until you sell the property. If this is the case you need to deduct the capital expenditure from the gain in order to calc you liability to CGT
See the [broken link removed]and in particular
What Expenses can be claimed
What Expenses can be claimed for wear and tear
What Expenses cannot be claimed