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Daycare and Taxes All things related to Taxes and running a Daycare post here. Topics of tax exemptions, forms, filings, tax write offs, IRS etc.

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Old 11-07-2017, 12:22 PM
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Default Short Term Home

I just opened this year. We finished our basement for the daycare. We plan to move in 2 years, but life can happen so no guarantees. How will depreciation effect our home sale?
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Old 11-07-2017, 03:31 PM
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Here are more threads on Home Depreciation: https://www.daycare.com/forum/tags.p...e+depreciation

https://www.daycare.com/forum/tags.p...ciation+-+home
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Old 11-08-2017, 11:57 AM
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Default home sale

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Originally Posted by LittleExplorers View Post
I just opened this year. We finished our basement for the daycare. We plan to move in 2 years, but life can happen so no guarantees. How will depreciation effect our home sale?
You'll want to depreciate your home because it's a big deduction and because you will owe taxes on the amount you depreciate when you sell your home. If you don't claim the home depreciation, you will still pay taxes on the amount you could have depreciated. See my article on this: http://tomcopelandblog.com/will-you-...sell-your-home

Also, you'll want to depreciate your basement remodeling. See my article on the 50% bonus depreciation rule: http://tomcopelandblog.com/good-news-home-improvements
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Old 11-08-2017, 12:28 PM
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Thank you. I am working with a tax professional who has attended and does attend many of your seminars, I just try to be knowledgeable on my end as well.
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