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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.

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Old 08-19-2019, 01:45 PM
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Lovisa Lovisa is offline
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Default Big Plumbing Bill

Hello, we are having to get quite a bit of plumbing work done on our home. It'll be upwards of around $14,000. How do I claim this? I'm assuming depreciation?
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Old 08-19-2019, 03:14 PM
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TomCopeland TomCopeland is offline
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Default plumbing

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Originally Posted by Lovisa View Post
Hello, we are having to get quite a bit of plumbing work done on our home. It'll be upwards of around $14,000. How do I claim this? I'm assuming depreciation?
If the work represents less than half of the plumbing for your home, treat it as a repair and deduct your time-space% of the cost in one year. If it represents more than half of the plumbing for your home, treat it as a home improvement and depreciate it over 39 years. If it's not clear to you what less or more than half means, call me at 651-280-5991 and we can discuss it.
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Old 08-21-2019, 08:10 AM
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Lovisa Lovisa is offline
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If the work represents less than half of the plumbing for your home, treat it as a repair and deduct your time-space% of the cost in one year. If it represents more than half of the plumbing for your home, treat it as a home improvement and depreciate it over 39 years. If it's not clear to you what less or more than half means, call me at 651-280-5991 and we can discuss it.
Thanks Tom! Fairly certain it is more than half. Bummer!
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