Depreciation vs Expenses

[Billy Daniel]

Hey BP!  Given that it's tax season, I've been looking over strategies that I can use to reduce my tax burden.  For those who rehab properties, how do you report your expenses?  Can I write off my entire lumber bill as an expense or is that included in the larger asset that then gets depreciated?  Is there an advantage one way or the other?

[Natalie Kolodij]

*Leans in real close to whisper the best way to save money on your taxes..*

Hire a real estate specailized tax professional.