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Little People 11:47 AM 02-06-2011
Tom, we bought all at Sears the same day, a 50' foot ext cord 33.99, steam mop 67.49, 22in hedge trimmer 49.99 & Lawn Mower 269.99. All this goes under household?

Another question; On my electric bill we pay for Gas, Electric, Water, Sewer Charge, Storm Water Fee, Mosquito/Rodent Control Fee and County Fire Protection. So on the house expenses worksheet, I know to put the amount of the gas bill under natural gas, but do i put the rest under Electricity?

Another question: I know I can include my garage, but we also have a large wood shed and we store kid's things in there too, Should I add the shed to my sq.ft.?

Another Question: We bought a Vizo sound bar for $278.00 and it is on the big TV in our livingroom, the dck's also use this TV, can i claim it?

I think some of these items I have to do the 7 years on, but do i list them in household too?
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safechner 04:35 PM 02-06-2011
I have the same question about this. My husband and I bought lawn mower $270.41, Shark Pocket Steam Mop $119.04 after taxes that I need to enter household, right? We also bought hard wood laminate about $1,700 so do I need to enter home improvement in home office?

We bought a brand new door in the backyard but it says it is for Tax Credit so I can enter Tax credit which I do not need to enter home improvement in home office, right?
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TomCopeland 12:05 PM 02-07-2011
Originally Posted by Little People:
Tom, we bought all at Sears the same day, a 50' foot ext cord 33.99, steam mop 67.49, 22in hedge trimmer 49.99 & Lawn Mower 269.99. All this goes under household?

Another question; On my electric bill we pay for Gas, Electric, Water, Sewer Charge, Storm Water Fee, Mosquito/Rodent Control Fee and County Fire Protection. So on the house expenses worksheet, I know to put the amount of the gas bill under natural gas, but do i put the rest under Electricity?

Another question: I know I can include my garage, but we also have a large wood shed and we store kid's things in there too, Should I add the shed to my sq.ft.?

Another Question: We bought a Vizo sound bar for $278.00 and it is on the big TV in our livingroom, the dck's also use this TV, can i claim it?

I think some of these items I have to do the 7 years on, but do i list them in household too?
Everything purchased from Sears I'd claim as a household expense on Schedule C. You must depreciate the lawn mower over 7 years on Form 4562.
Put everything on your electric bill under utilities on Form 8829. If you want to break it down further put it under electricity.
Don't add your shed to your square feet. You can deduct the items in the shed.
If the dcks use the Vizo sound bar then claim the t/s% of it.
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TomCopeland 12:08 PM 02-07-2011
Originally Posted by safechner:
I have the same question about this. My husband and I bought lawn mower $270.41, Shark Pocket Steam Mop $119.04 after taxes that I need to enter household, right? We also bought hard wood laminate about $1,700 so do I need to enter home improvement in home office?

We bought a brand new door in the backyard but it says it is for Tax Credit so I can enter Tax credit which I do not need to enter home improvement in home office, right?
Depreciate the lawn mower over 7 years on Form 4562. I'd deduct the t/s% of the steam mop in one year on Schedule C. Even though it's cost more than $100 this is not a strict rule. Depreciate the wood laminate over 39 years as a home improvement. Depreciate the door as a home improvement as well, in addition to claiming it towards the energy tax credit. See my blog for an article about the energy tax credit limitation for family child care providers.
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Little People 01:25 PM 02-07-2011
Originally Posted by TomCopeland:
Everything purchased from Sears I'd claim as a household expense on Schedule C. You must depreciate the lawn mower over 7 years on Form 4562.
Put everything on your electric bill under utilities on Form 8829. If you want to break it down further put it under electricity.
Don't add your shed to your square feet. You can deduct the items in the shed.
If the dcks use the Vizo sound bar then claim the t/s% of it.

Thanks Tom! So do I claim the Vizo sound bar on household or do I depreciate it over 7 years on Form 4562?
Reply
TomCopeland 03:07 PM 02-07-2011
Depreciate the sound bar over 7 years on Form 4562. You are eligible to use the additional 50% depreciation rule that allows you to claim half the depreciation in 2010.



Join me at my webinar "How to Reduce Your Taxes for 2010 and 2011" on February 28th: https://www.daycare.com/news/taxes/t...d-webinar.html
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