Refurbished - Offeco office furniture (2024)

FAQs

What is refurbished office furniture? ›

The method of refurbishing includes taking existing furniture, be it an oak bookcase or an office cubicle, and replacing, refinishing, or remanufacturing entire sections of that piece of furniture that may be worn out.

On the other hand, a refurbished chair is a used chair that was, hopefully, fixed and repainted by professionals to resemble a brand new one. Depending on the team working on the refurbishing process, a detailed makeover can turn a wrecked office chair into a perfectly functional and shiny one.

Because office furniture is made to last more than one year, it's usually deemed a fixed asset and must be depreciated over time.

The IRS classifies office furniture as 7-year property for depreciation purposes on a balance sheet. This means that you can deduct 1/7th of your purchase price (or acquisition cost). For example, if you purchase an office chair for $2,000, then you can take an annual depreciation expense of $285.

Refurbished, however, differs from second-hand because Refurbished goods are checked and overhauled. Refurbished goods are thoroughly tested for quality and function and, if necessary, parts are replaced or repaired. Then the device is cleaned and the data is deleted.

It can be high quality stuff.

Because a piece of furniture is second-hand, it has already survived the test of time. Really good furniture should last for decades, even a century or more. If the frame is solid, it may only need some basic restoration to look amazing.

It can mean reupholstering, refinishing, adding a different top or seat, repainting or staining, or a complete overhaul. Sometimes, details deemed excessive or outdated are removed or altered and new features are added.

Refurbished chairs can be a great option for those looking to save money without compromising on quality. They are often thoroughly inspected, repaired, and cleaned before being sold, which can make them almost as good as new.

An office refurbishment is a great opportunity to revitalise, refresh and transform your office workplace. It provides all the benefits of having a new office without incurring the huge costs of moving to a new office space.

You can deduct various types of office furniture and equipment, including desks, chairs, couches, coffee tables, tables, appliances (like refrigerators and microwaves), computers, printers, decorations, phones, televisions, monitors, and speakers. However, the furniture must be necessary for your business operations.

What does the IRS consider furniture? ›

Household Goods (HHG) are the personal effects of IRS employees and their dependents. HHG include household furnishings, equipment, appliances, furniture, clothing, books and similar personal property which belong to the employees or members of their immediate family.

Office furniture is categorized as "Office Equipment" or "Fixed Assets" under expenses.

Capitalizing office furniture affects both your balance sheet and income statement. On the balance sheet, office furniture will appear as a depreciable asset, which signifies that its value will decrease over time due to depreciation.

Furniture includes chairs, tables, desks, sofas, beds, and cabinets. Fixtures such as lighting fixtures, plumbing fixtures, and built-in cabinetry are permanently attached to a building. Equipment refers to machines, tools, and appliances, such as kitchen equipment, laundry machines, and electronic devices.

Office furniture account is classified as asset account. Assets are defined as the investment made by the company for getting long term future benefits. Office furniture is actually a tangible fixed asset as it has a physical existence and also it has been acquired by company for business activity purposes.

Condition

For them, it's far more likely that most used items they discover have been in operation for some time and may have visible or functional damage as a result. Refurbished items, on the other hand, have been professionally tested and repaired, so they are generally in much better condition.

Refurbished goods are products that have been restored as though they were brand new. Purchasing a refurbished product isn't the same as receiving someone's old, used product. If it is done correctly, you shouldn't see any difference between a new and a refurbished item.

A furniture flipping business can be incredibly profitable, and it's a great way for you to earn some extra cash on the side — or even replace your current income. Restoring and reselling used furniture is also an excellent means to build up capital to start your own Amazon or ecommerce business.