Do I need orignal receipts for investment property repairs?

I recently did some repair work on a investment property I own (it is rented). Do I need the original receipts (let's say from Home Depot) on the materials bought, or can the person that did the work put it all on one receipt with his labor charges?

if you want to write it off on your taxes you will

You need the receipts.

Home Depot will manage this for you. They can give you a yearly print out of $ spent, sorted by property address. This works as well.

You should get both: the hard-cost of materials and the labor invoices. You may not end up needing both depending on your tax situation, but if you get them while they are easy to find, you'll be in a much better place next April! :)

Tags

　　Real Money 　　Real Estate Investment 　　Raise Capital 　　Property Investment 　　Profitable Investments 　　Private Investment 　　Private Equity 　　Private Capital

Related information

What should be considered in buying investment property in Alaska?

I would assume they would be pretty much the same as anywhere you buy an investment property. Location, Location, Location! 1. Renter to Owner Ratio Basically, you want to find a neighborhood t...

I am looking at buying a second property for investment what type of down and interest rate should I expect?

with the changes in the mortgage industry and you stating you do not have much to put down means you probaly arent buying an investment property you will need at least 20% down. also you will need...

Where can I find an investment property?

A good way to put your money to work in real estate is to back a reputible builder. They have to have equity in their construction projects as would any homeowner and are often willing to share in ...

It is worth buying an investment property in ipswich???

Ipswich is undergoing a lot of urban renewal at the moment and I have been told by a few people that they think it will be a new boom area. When buying an investment property consider what rent...

Please help me with a cash out refinance of an investment property?

Multiply the 1% origination fee and the .375 discount x your loan amount... total sum of both. That is where your money is going Suntrust is eating up your cashout with in-house fees. The OptA...

Should I form an LLC for my soon to be first investment property?

Well lets see... I would first ask what state the investment property will be in as well as what state will you reside in. There are different laws for LLCs depending on certain states. Also how ma...

Buying house as second home or as an investment property? Which one is better?

In the lender's eyes, an investment property is much riskier to provide financing for than a second home. However, you cannot just call it whatever you want to try to save a buck. As "...

Are we allowed to write off the payment of investment property as an expense? i live in ohio?

Investment properties are treated completely different than home mortgage deductions. Your monthly payments have nothing to do with your profit/loss. With investment properties you run into ...