Updated almost 7 years ago on . Most recent reply
Owner Occupied Duplex Renovations - Tax Deductions?
I recently bought a duplex, and I am living in one side while the other side is rented out to a long term tenant. While I am living in one side I am doing some renovation projects on the side I occupy: complete bathroom remodel, new tile floor (kitchen), new trim throughout unit, and painting/resurfacing kitchen cabinets.
The projects have required many tools - nail guns, miter saw, table saw, drills, painting supplies, etc.
I am wondering how the tax deductions work with my tools and equipment I have purchased for this renovation, since I am occupying the side being renovated. Can I deduct all tools and equipment with the argument that those same tools are used for general maintenance on the tenant occupied side of the duplex?
Any help would be great. Thanks!