Are supplies I bought to make renovations for my rental property considered an expense or an asset?

[Hal_Al · Accepted solution]

Simple answer: asset.

But, it depends on the nature of the renovations and whether they are repairs or improvements. 

If the total cost of supplies is less than $2500, they may be expensed. If the renovations can be broken down into distinct projects (e.g. bathroom and kitchen remodel), each meeting the $200 threshold, they may be expenses