I am wrapping up a renovation and my GC bills for material. I have been categorizing this as Capital Expenses / Remodeling, but I use this designation for miscellaneous labor too, wondering if there is a more appropriate category to be using.
J
@james.p.brand Consult your accountant or tax professional. My opinion is that you are correct that your renovation should be categorized as CapEx / Remodeling because it needs to be depreciated (capitalized). If the labor you are referring to is part of the renovation then yes it should all be under the same grouping. If you’re referring to labor for other things - routine maintenance, odds and ends, outside of this renovation project, then there is a “Labor” category under Repairs & Maintenance you probably want to use.
Hope that helps.
-Tom