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Get your taxes done using TurboTax
No, you cannot take credit for your labor cost. Your own labor is never tax deductible, nor can it be added to the cost of an asset you own.
No, you cannot include rent in your cost basis.
If you have a business, you could have depreciated the trailer for its warehouse function.
Or if you did pay rent, you could deduct it from your business, but it would become income to the rented trailer.
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March 13, 2023
11:37 AM
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