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Updated over 4 years ago,
Deducting Tools costs from rental income?
I have purchased a few tools in the process of getting my most recent property rent ready. One tool being a tile saw for some tile repairs I needed to do, and another tool being a paint sprayer. Is it common practice to deduct the cost of the tools from the rental income for the year? I still own the tools and anticipate getting additional usefulness out of them. How are other people handling this?
Thanks,
-Brian