Unregistered 07:02 AM 01-24-2012
I received a few things for gifts at Christmas from my inlaws that will be used in my daycare. They are things that will have a shared bus. expense. Card table and chairs and an ice cream maker. Is there a way for me to claim the business portion of these since I don't have an actual receipt?
sharlan 08:35 AM 01-24-2012
Since they were gifts that you didn't pay for, how can you use them as a business expense?
Unregistered 08:55 AM 01-24-2012
I am wondering, just like when you do an inventory of household items in the beginning.
These are things that are being used with the day care.
Just curious if this is a deduction or not. Hopefully Mr. Copeland can answer this one.
wdmmom 12:45 PM 01-24-2012
In order for anything to qualify as a business expense, you have to incur the expense of purchasing it.
It will then be determined if it needs to be depreciated, if it is 100% deductible or if it is used on the time/space percentage.
Gifts and donations you receive are not an expense.
if I remember correctly (I went to one of Toms conferences)YES you can deduct anything you use in daycare even if you didnt purchase it. Take a pic and make note of the cost of it if you would have purchased it. I am pretty sure that is the advise he gave. I am sure Tom will correct me if I am wrong lol
TomCopeland 03:20 PM 01-25-2012
I'm doing some further research on this and I'll get back to you on this question.
Unregistered 07:40 AM 01-26-2012
Thanks Tom. I am curious to know what you find out!