Question

I restore vintage trailers for customers. I restored my own trailer to show my work to potential customers. Can I deduct my time & materials as a business asset on this?

Forum|Forum|7 years ago
June 1, 2019
1 reply
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How I am determining the asset value the trailer = $ what I paid for the unrestored trailer + my restoration hours @ my hourly rate + materials used to restore the trailer.

TurboTax Home & Biz Mac

Hal_Al

Employee

You definitely can NOT deduct anything for your time.

Deducting the cost of materials is iffy. You need to allocate the cost between personal and business use and that's very subjective. If you feel that the improvements are mostly cosmetic and you get no real additional personal use, from them, you maybe be able to deduct all the material cost as advertising.