As far as I know (since I'm not a CPA) you are not allowed to deduct your labor, but materials are ok to write off. I have found that if it comes down to buying something and writing off the entire item vs buying materials and finishing it myself, in the long run it's cheaper…
Read the full replyI have to get a new filing cabinet for my home office. If I go to Office Depot and buy one, I can write it off on my taxes next year as an Unreimbursed Work-Related Expense. If I build one, can I write it off, or is likely to raise a red flag with the Tax Man?
Thanks, Dave in Dallas (well, actually Little Elm)
Have something to add? Share your thoughts — no account required.
Ask the community — no account required