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-   -   Addition to Driveway for Parking - Deductible? Labor? (https://www.daycare.com/forum/showthread.php?t=92472)

TaylorTots 09-28-2019 08:14 PM

Addition to Driveway for Parking - Deductible? Labor?
 
We are adding an addition to our driveway to increase parking availability for parents. Keep receipts and deduct?

If we do a large chunk of the work ourselves how does that figure in? If our labor can't be deducted we may just hire out.

Thanks!

Michael 09-29-2019 02:33 AM

https://www.daycare.com/forum/showthread.php?t=91158

Quote:

Originally Posted by TomCopeland (Post 695134)
A driveway is a land improvement, not a home improvement. Therefore, you can deduct the business portion (time-space%) in one year on Form 4562, line 14.


Ariana 09-30-2019 09:40 AM

Quote:

Originally Posted by TaylorTots (Post 709217)
We are adding an addition to our driveway to increase parking availability for parents. Keep receipts and deduct?

If we do a large chunk of the work ourselves how does that figure in? If our labor can't be deducted we may just hire out.

Thanks!

Donít quote me on this but doing the work yourselves will save much more money than hiring out and deducting at tax time. At least for me here in Canada. Might want to look into the percentage you get back vs. The cost of hiring someone.

TomCopeland 10-01-2019 08:15 AM

driveway
 
Quote:

Originally Posted by TaylorTots (Post 709217)
We are adding an addition to our driveway to increase parking availability for parents. Keep receipts and deduct?

If we do a large chunk of the work ourselves how does that figure in? If our labor can't be deducted we may just hire out.

Thanks!

Add up all the costs, multiply by your time-space% and deduct in one year as a repair. You can't deduct anything for your labor. If you pay someone to do the work you can deduct the time-space% of the the labor costs. Financially, you are better off doing the labor yourselves.


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