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Updated over 11 years ago on . Most recent reply

Yuriy Tymoshenko's profile image
Yuriy Tymoshenko's profile image
Yuriy Tymoshenko
  • Real Estate Investor
  • from Tallahassee, Fl
  • Member since Jul 10, 2012
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105
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19
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Yuriy Tymoshenko's profile image
Yuriy Tymoshenko's profile image
Yuriy Tymoshenko
  • Real Estate Investor
  • from Tallahassee, Fl
  • Member since Jul 10, 2012
Connect
Yuriy Tymoshenko
  • Real Estate Investor
  • Tallahassee, Fl
19
Votes |
105
Posts
Tax, SDIRAs & Cost Segregation

Cost of own labor Tax Deduction

Yuriy Tymoshenko
  • Real Estate Investor
  • Tallahassee, Fl
Posted

Good morning, Board.

I have a question about the tax deduction from spending on investment property. Last year I was able to deduct cost of tools and supplies used for renovation of my investment properties. I spend at least 50 hours a week working on my investment properties(I don't have any other job right now). Can I "pay" myself and deduct this expense from my annual taxes?

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