bauer09
Dec 24, 2007, 10:58 AM
I am a landlord with a question about tool deductions. It is my first year of renting my property that I just purchased, and I am not sure how I am supposed to deduct the cost of tools/equipment that I purchased to use for repairs/improvements on my property. Should I depreciate all tools regardless of their price, or can I deduct some as an expense. Also, I am aware of section 179, however I am not sure how it applies to rental properties -- I understand it cannot be used for appliances and things that reside in the property, but how does it apply to tools & equipment?