Daycare.com Forum
Daycare and Taxes>Depreciation of Home ??
lilcupcakes09 08:22 AM 01-31-2013
As I'm looking back through my last 3 years taxes since starting daycare, I noticed that Part III of my form 8829, the Depreciation of Home part is 0% for all those years. Is this something I'm missing that should have been done or is this correct?
I'm at my largest year $$ wise so I'm trying to make sure I'm not missing anything considering I really don't understand these forms....
I'm at my largest year $$ wise so I'm trying to make sure I'm not missing anything considering I really don't understand these forms....
odskids 08:48 AM 01-31-2013
Do you own your home or do you rent??
lilcupcakes09 09:26 AM 01-31-2013
I own it
lilcupcakes09 09:41 AM 01-31-2013
And I just found a article written by Tom on google that says I should absolutely be doing it! I'm thinking maybe this was missed last year because the previous 2 years I claimed a loss, 2011 was my actual first "profitable" year and I think my tax preparer missed it.
So my next question, do I go back ans amend last yrs return? Do I have to pay to amend a return?
So my next question, do I go back ans amend last yrs return? Do I have to pay to amend a return?
lilcupcakes09 10:36 AM 01-31-2013
as I'm looking through it looks like it may be listed, but on form 4562 Part III listed as MACRS deductions? It was originally listed as non residential real property my first year of daycare...
This is soooo confusing!!
This is soooo confusing!!
Michael 11:33 AM 01-31-2013
You always can ask Tom Copeland directly when you join our webinar “2012 Tax Changes: How to Avoid Mistakes on Your Tax Return” Tuesday, February 12th at 8:30-10:00pm Eastern Time. The cost is $25 (100% tax deductible!). To register: http://events.r20.constantcontact.com/register/event?oeidk=a07e6vcrqstfc2c8437&llr=yatrx4cab