Daycare.com Forum Daycare Forum

Go Back   Daycare.com Forum > Daycare and Taxes

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.

Reply
 
Thread Tools Display Modes
  #1  
Old 01-18-2011, 08:08 AM
Unregistered
Guest
 
Posts: n/a
Default Got The Home Tax Credit

I received the home tax credit of $8000.00, I thought somewhere I read that I have to solely use my home for the next 3 years a my home. I will be doing childcare this year. Will I have to pay back that money?
Reply With Quote
  #2  
Old 01-19-2011, 07:48 AM
AnythingsPossible's Avatar
AnythingsPossible AnythingsPossible is offline
Daycare Member
 
Join Date: Jan 2010
Location: Wyoming
Posts: 801
Default

We bought the home we were renting which I have been running daycare out of 2 years ago. We got the tax credit and it wasn't and issue. I believe the main point is that it has to be your primary residence. You couldn't use it solely for daycare, or move and rent it out or sell it within those 3 years. As long as it is your primary residence, don't think they care what you are doing in it. You just have to reside at that address for 3 years.
If I am wrong, I am so finding a new tax preparer!
Reply With Quote
  #3  
Old 01-19-2011, 09:19 AM
TomCopeland's Avatar
TomCopeland TomCopeland is offline
Business Author/Trainer
 
Join Date: Jun 2010
Location: St. Paul, Minnesota
Posts: 3,061
Default home tax credit

Anythingspossible is correct. You won't have to pay back this money if you do child care in your home.
__________________
http://www.tomcopelandblog.com
Reply With Quote
  #4  
Old 01-19-2011, 10:20 AM
Abigail's Avatar
Abigail Abigail is offline
Child Care Provider
 
Join Date: Jul 2010
Location: North Dakota
Posts: 2,414
Default

How do you get a home tax credit? Did you recently purchase it?
Reply With Quote
  #5  
Old 01-19-2011, 11:09 AM
Little People
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Abigail View Post
How do you get a home tax credit? Did you recently purchase it?
The home tax credit is over. It was for first time home buyers. It went on for a couple of years. Then you had to send in closing papers with signatures and the IRS sent you a check for $8000.00. There was a little more to it, but this was the basic.
Reply With Quote
  #6  
Old 01-19-2011, 11:21 AM
Abigail's Avatar
Abigail Abigail is offline
Child Care Provider
 
Join Date: Jul 2010
Location: North Dakota
Posts: 2,414
Default

Thanks for sharing. I remember hearing something about that as our first time home buyer mortgage "teacher" was urging us to buy a house while in this "class" but we said no because we (my husband and I) were only dating at the time. LOL

I was telling my now-husband we were smart even if we planned on getting married (which we did!) because that tax credit was just about the same as closing costs that we may be able to negotiate the selling to help cover and now we're in a better financial situation anyways. Thanks for clarifying for me though.
Reply With Quote
  #7  
Old 01-19-2011, 11:32 AM
Little People
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Abigail View Post
Thanks for sharing. I remember hearing something about that as our first time home buyer mortgage "teacher" was urging us to buy a house while in this "class" but we said no because we (my husband and I) were only dating at the time. LOL

I was telling my now-husband we were smart even if we planned on getting married (which we did!) because that tax credit was just about the same as closing costs that we may be able to negotiate the selling to help cover and now we're in a better financial situation anyways. Thanks for clarifying for me though.
Your more than welcome! And Congrts!! During this time with the tax credit, the house market was boomimg!! We bought our new house and the seller paid ALL closing costs. All we paid for was the appraisal and around $500.00 at closing!! We were lucky though! We had 14 houses set up to look at in 2 days. We drove around the area we wanted to move to, and wrote down all the houses we liked that were for sale and then "let the hunt begin" lol. The first house we went into (the sellers were just leaving) we fell in love with!! We spent 2 hours checking everything out. The sellers returned and they were so nice, the house belonged to their Mother who passed away 5 days earlier in the hospital. The house was in excellent condition and was only 12 years old. They lay out was perfect!! We all sat down at the table and my agent wrote the contract and the sellers accepted it on the spot!! We were in the house in 3 weeks!!

You and your hubby will find your dream house soon!! Good luck!!
Reply With Quote
Reply

Tags
home tax credit, tax credit

Thread Tools
Display Modes

Posting Rules
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
Going From Home Daycare Provider to Nanny Registered but logged out Daycare Center and Family Home Forum 7 11-24-2012 03:27 PM
Death in CA Home Daycare -Please Help Unregistered Daycare Center and Family Home Forum 18 06-07-2011 12:04 PM
Opening a Home Daycare Center Unregistered Daycare Center and Family Home Forum 6 05-17-2011 12:59 PM
Interview Tomorrow/How To Make My Home More Appealing! momofboys Daycare Center and Family Home Forum 27 01-31-2011 09:54 AM
Does Anyone Home School??? Michael Daycare Center and Family Home Forum 2 01-11-2011 08:16 AM


All times are GMT -7. The time now is 09:20 AM.



Daycare.com         Find A Daycare         List Your Daycare         Toys & Products                 About Us

Daycare.com
Please read our Disclaimer before continuing.

Topics pertain mainly to the following States:

Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming