Hey Dave,
I was an owner contractor on the restoration of my house. I bought some used construction equipment to do the work, items like gas powered pressure washer and electric power airless paint sprayer. Since I bought these items used do I need to show them as fixed assets or can I expense them?
Sincerely,
Patrick
Hi Patrick,
We are assuming, based on your question, that the remodel is on your personal residence. Since these items may be used for other purposes after the remodel, they should not be included in your restoration expenses. It would be different for an item such as an attached cabinet which would be added to the cost basis of your home and would later help offset any gain when you sell the home.
Deductibly Yours,
Dave Du Val