I've got a duplex rental property that I've been actively managing. Its 250 miles away, but most stuff can be taken care of over the phone or the internet. However, I've got a couple projects that I've DIY'ed that basically took the whole weekend each time I went there. I obviously plan on deducting the cost of the materials and the miles driven, but how does deducting your own labor hours work?
In my W2 job, I make ~$45/hour (roughly based off of my salary), so that probably costs my workplace ~$75/hour? Is that what I should tell the IRS I paid for labor cost? Or should I say $100/hour, a nice round number? How do I justify my hourly labor rate?