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I don't think you want to rent your tools to your employer, as this would create additional taxable income, which I don't think is your goal. If you are being paid by your employer, and will receive a W-2 at the end of the year, you should be able to claim the depreciation of the tools on your Schedule A Itemized Deductions, however this is initially offset by 2% of your adjusted gross income. Due to the 2% adjustment, this may not be of much use to you, depending upon the total cost of your tools, but is your best way to claim this expense. You may also want to include other employee business expenses you incur to possibly make this number more significant. With out the actual numbers involved, it is difficult to give you a good answer.
If you are not a W-2 employee, and instead will receive a 1099-MISC at the end of the year, then you will be able to take the depreciation of the tools on your Schedule C and this will be of a more significant tax savings for you. There are other drawbacks to being paid this way, so don't go tell your employer that you would prefer this, if this is not the current situation. It is like most everything else in life, the are pros and cons to any situation, and everything needs to be looked at to make an educated determination.
I hope I have provided you with the information you where wanting, and if you have a follow-up to this, please feel free to contact me.
Ken Kay, E.A.