Unlicensed, Taxes, Depreciation
Hi,
My wife is an unlicensed daycare provider for 3. Because she is unlicensed we can not claim expenses such as food, house depreciation, etc. But - the parents claim the daycare fees they pay to my wife. Is that okay? Last - When we sell our house 5 years down the road... The IRS will not try to charge us taxes on the depreciation that we never took in the first place correct? I know they will charge us if we are licensed... P.S. - We do claim all the income she makes.... So the Gov't knows we have a daycare. I sure would appreciate any help here. |
Originally Posted by hgufrin: |
unlicensed
Originally Posted by hgufrin: If you are exempt from licensing rules you are still entitled to depreciate your home and you will owe taxes on this depreciation when you sell your home, regardless if you didn't claim the depreciation. If you are in violation of licensing rules you can't claim house depreciation and so you won't owe taxes on it later. |
Thank you!
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