Question:
I rent out two properties that originally were fully furnished. The furniture is now in storage, incurring monthly costs. Can I claim the furniture storage costs against my two property rentals?
Arthur Weller replies:
If you are storing the furniture so that it can be used again in your rental business in the future (e.g. when the current tenants (who brought their own furniture) have left), it complies with the ‘wholly and exclusively’ rule and the storage costs are allowable against your rental profits.
