Hello @derek5664,
I am sorry to hear your rental property and assets were damaged by fire.
Whether or not you can continue to use your existing schedule depends on a number of factors.
When your depreciating assets are destroyed a balancing adjustment event occurs.
You calculate the balancing adjustment for each asset by comparing their termination value with their adjustable balance (the cost of the asset less depreciation deductions).
The termination value is the amount of the insurance pay-out for your destroyed asset.
You can offset this balancing adjustment amount against the cost of your replacement asset.
This reduces the the ongoing depreciable value of the replacement asset. This means that the replacement asset will have a similar opening value to the written down value of the destroyed asset.
If the opening value of the replacement asset is the same as the written down value of the destroyed asset you can continue to use your old deprecation schedule. If not, you will need a new schedule.
Our guide to depreciation assets provides more information on calculating opening and written down values.
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