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Financial Planning / Tax Strategies


Subject:  Re: Deductibility of Tools for Renovation Date:  3/5/2001  8:59 AM
Author:  pmarti Number:  47681 of 127642

If we purchase tools for the purpose of renovating a rental property, can that purchase price be added to our basis? The tools of course wouldn't be consumed, and we'd still have them for use on our own home if we so desired.

Others may disagree, but I think this is too agressive. I wouldn't take depreciation for the tools.

Phil Marti
VITA Volunteer
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