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-   -   2 Tax Questions (https://www.daycare.com/forum/showthread.php?t=26354)

Unregistered 02-04-2011 02:26 PM

2 Tax Questions
 
An anyone tell me...
1. if I pay my homeowners insurance automatically with my mortgage, can I claim it on my schedule c?
2. How/where do I deduct my actual mortgage payments that I made towards my home that use for an in-home daycare?

TomCopeland 02-04-2011 06:39 PM

Questions
 
You can claim your homeowners insurance on Form 8829, line 17. This amount is then added to your other house-related expenses and transferred to Schedule C.

You don't deduct your house payments. House payments are made up of interest and principle. You can deduct the interest on Form 8829. The principle is picked up when you claim depreciation on your home on Form 8829.


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