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Chattel refers to tangible, movable personal property: Examples of chattel include: counter tops, cabinets, curtains, light fixtures, ceiling fans, flooring, water heater, fencing, sprinkler system, etc. It's good for 5 years. |
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Why should I have chattel appraisals done on my investment properties? Because depreciation deductions on an investments properties can triple during the first three years, having a chattel appraisal can turn a negative cash flow property into a positive cash flow property. A chattel appraisal can significantly reduce your taxable income now and your capital gains in the future.
Additionally, a chattel appraisal contains detailed information about the contents both inside and outside the house and acts as independent verification of property and its value. Also, having this information at hand in the unlikely event of an insurance loss can prove invaluable.
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