Expenses across multiple properties

[Kyle Kipka]

I self manage a portfolio of 6 units and am wondering about the correct way to account for general expenses that span multiple properties as tax deductions. For example, things like tools or building materials that I buy specifically for repairs on these units. What is the proper way to account for such expenses? To date I've been able to account for smaller expenses by tying them to a specific property if for example I'd purchased an inexpensive hand tool for a specific project on that property but I don't think that would be the proper way to account for more expensive tools that I bought for the overall business like a new lawn mower or something. 

Additionally I've also purchased a shed at my own home in the past year with which to store these tools and materials which I believe is also a legitimate deduction. This shed was over $2500 so I'm thinking it would have to be amortized as opposed to a deduction in one year.  What is the proper way to account for that? 

And yes, I look forward to hiring this out in the future but at the present time I'm using TurboTax Pro edition to complete my taxes and I'm not seeing an obvious place for things like this. 

[Michael Plaks]

@Kyle Kipka

I strongly disagree with the suggestion to create a separate column for overhead expenses. It is convenient, but it's an IRS audit flag having a $0 income "property." It can also create an intended lock on these expenses if you're subject to passive activity loss limitatoins.

Spread it between your properties. You may group such expenses into a single category under "Other expenses."

The shed should be entered as an asset and deducted in full via bonus depreciation. Now this one will be super hard to distribute, so I'd probably keep it under one unit, the biggest one.

@Alex L.