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Updated about 2 years ago on .
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Expensing and Capitalizing property construction
So I have some tax questions that can be difficult to get answered.
I recently had new floors installed in a condo I own and run as a rental. The floors were installed by Lowes and I have a receipt showing material versus labor costs.
I can expense the labor costs (installation), right?
For a sewer line replacement... same thing? With receipt showing difference in materials and labor, I can expense all the labor?
For tracking these itemized transactions in Stessa, I intend to post each itemized part of invoice seperately with invoice attached to easily seperate the parts that must be depreciated versus those that may be expensed.
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Labor and material count toward one total cost basis.