Business Expense Accounting for Gift Card Purchases

[Account Closed]

Hi Everyone,

I have been browsing the forums here for several months and they have been extremely helpful as I start out in real estate investing. This is my first post.

I have a question relating to accounting/bookkeeping but I'm still in the process of finding an accountant to work with. Here is my 2 part question:

1) I recently bought some Lowe's gift cards at a discounted price. I bought several $100 gift cards for $90 each in anticipation of buying materials for the house that I'm about to rent out. If I went and bought $100 worth of materials with one of these gift cards, would I be able to expense $100 even though I only spent $90? The receipt would say that I spent $100, but it would also indicate that I used a gift card. How would I document this in Quickbooks?

2) I also have some Lowe's gift cards that were given to me as gifts. Am I allowed to deduct any business expenses that these are used for?

Thanks in advance,

Joe