Tools purchased to flip = expense?

[Brian Petty]

Quick question for the experts. I am planning to purchase a fix and flip property and I always buy a couple of new tools in the process. Mainly because I have a tool buying problem...anyway. my question is if I had to buy a roofing nail gun in order to roof the property would that qualify as an expense that could be deducted that same as a new sink or the roofing material? If I had to rent the nail gun than that would qualify. I want to minimize the taxes and also use the best tools to quickly get the fix portion done.

Thanks for the help and glad to be here. 

[Scott Davidson]

https://www.irs.gov/businesses/small-businesses-se...

Check out the rules on de minimis safe harbor election. Taxpayers can now expense items less than $2,500.