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Investors & landlords
Assuming the tools were purchased for the primary purpose of renovating the property, you should be able to claim the cost of those tools as a lump sum amount in the "supplies" section, which is on the 2nd screen of the Rental Expenses section.
Property improvement costs are added to the cost basis of the property, and should "NOT" change the value of the land. (Unless it's a land improvement of course.)
‎April 16, 2021
4:09 PM
3,701 Views