Thank you so much for the information and the link to the regulation.
I am not a paid tax professional, but I have a regulatory background in the banking industry, so I get questions from friends in many aspects of finance. I also get to thinking about things from time to time as is the case with my friend - we were talking about his project, and it made me wonder how this could benefit him regarding his tax situation. Before I made any comments back to him, I wanted to further research this possibility myself and knowing there are so many helpful persons on this message board, I thought this was a good place to start.
Being a contractor, he did a lot of the work on his building himself (I think his only labor cost was for his electrician). I believe his material cost was indeed under the $10,000 threshold mentioned. On Schedule C, would the amounts fall under line 21, Repairs and Maintenance? Or someplace else?
Thanks again for your help!
