TaylorTots 08:14 PM 09-28-2019
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 02:33 AM 09-29-2019
Ariana 09:40 AM 09-30-2019
Originally Posted by TaylorTots:
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!
Don’t 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 08:15 AM 10-01-2019
Originally Posted by TaylorTots:
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.