Buying Tools - Tax deduction & Interest

Discussion in 'Accounting & Tax' started by rhinsor, 17th Sep, 2015.

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  1. rhinsor

    rhinsor Well-Known Member

    18th Jun, 2015
    Question for the accountants,

    If I purchase tools specifically to renovate a property how are they deductible?
    Either before owning the property or before tenants are in.
    3-4 power tools ranging about $100 to $300 each.

    Pay cash, on a credit card or from a LOC just for property related items only.

    I'm just trying to figure out what works out the best.
    What would increase them being deductible?