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LittleExplorers 12-12-2018 08:22 AM

Kitchen Remodel
 
How do we deal with a very large upgrade? We just gutted and re-did our whole kitchen. I need to add up all the receipts. What about tools that were purchased for the project specifically like arts to hold up the cabinets for install and the floor nailer? We did all the labor yourself so the tools were needed.

Michael 12-12-2018 01:37 PM

Here are other threads on deductions for remodeling: https://www.daycare.com/forum/tags.p...tion+-+remodel

TomCopeland 12-14-2018 11:36 AM

Remodeling
 
Quote:

Originally Posted by LittleExplorers (Post 691859)
How do we deal with a very large upgrade? We just gutted and re-did our whole kitchen. I need to add up all the receipts. What about tools that were purchased for the project specifically like arts to hold up the cabinets for install and the floor nailer? We did all the labor yourself so the tools were needed.

If the total cost (not counting tools) was more than $2,500 you need to treat this as a home improvement and depreciate it over 39 years. Deduct your time-space% of the tools separately in one year.

LittleExplorers 12-17-2018 09:12 AM

Quote:

Originally Posted by TomCopeland (Post 692235)
If the total cost (not counting tools) was more than $2,500 you need to treat this as a home improvement and depreciate it over 39 years. Deduct your time-space% of the tools separately in one year.

Thank you!

TomCopeland 07-05-2019 08:00 AM

kitchen remodel
 
Quote:

Originally Posted by michael321 (Post 704991)
If the total price (without tool count) is $ 1,000 for Kitchen Remodeling more than 39 years and you need separate treatment. One year after a year.

Since the cost is less than $2,500 you can deduct the business portion in one year on Schedule C. Call it a repair.


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