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Old 07-09-2018, 11:57 AM
tenderhearts's Avatar
tenderhearts tenderhearts is offline Member
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Default Taxes and Closing

I was wondering what happens on taxes when you own your home and have been doing daycare and decide to close!
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Old 07-10-2018, 09:17 AM
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TomCopeland TomCopeland is offline
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Default closing the business

Originally Posted by tenderhearts View Post
I was wondering what happens on taxes when you own your home and have been doing daycare and decide to close!
There is no tax consequence regarding your home, until you decide to sell it. When you do sell it you will owe taxes on the depreciation you claimed (or were entitled to claim). Here's an article I've written about closing your business:
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taxes, time space percentage, time space percentage - limits, time space percentages

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