Thread: Kitchen Remodel
View Single Post
Old 12-14-2018, 11:36 AM
TomCopeland's Avatar
TomCopeland TomCopeland is offline
Business Author/Trainer
Join Date: Jun 2010
Location: St. Paul, Minnesota
Posts: 3,060
Default Remodeling

Originally Posted by LittleExplorers View Post
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.
Reply With Quote