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Updated almost 8 years ago on . Most recent reply

User Stats

7
Posts
0
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Brian Petty
  • Real Estate Investor
  • Canal Fulton, OH
0
Votes |
7
Posts

Tools purchased to flip = expense?

Brian Petty
  • Real Estate Investor
  • Canal Fulton, OH
Posted

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. 

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