Daycare.com Forum Daycare Management Software

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 07-11-2011, 12:11 PM
jojosmommy's Avatar
jojosmommy jojosmommy is offline
Advanced Daycare.com Member
 
Join Date: Jan 2011
Location: MN
Posts: 1,105
Default Roof - Home Repair vs Home Improvement

We recently replaced our roof. Does this go under home repair (expense all in 1 yr) or is this a home improvement (depreciate over 39 years). We made no structural changes just took off and repaired/replaced the old shingles.

I looked in Tom Copeland's record keeping guide but it wasn't clear enough for me. Just want to be sure.

THANKS!
Reply With Quote
  #2  
Old 07-11-2011, 01:58 PM
TomCopeland's Avatar
TomCopeland TomCopeland is offline
Business Author/Trainer
 
Join Date: Jun 2010
Location: St. Paul, Minnesota
Posts: 3,033
Default Roof

You can deduct a repair in one year, but a home improvement must be depreciated over 39 years. Sometimes the difference between the two can be hard to figure out.

Since you replaced all the shingles, not simply repairing or replacing some, you have a home improvement.

Sorry!
__________________
http://www.tomcopelandblog.com
Reply With Quote
  #3  
Old 07-11-2011, 08:46 PM
jojosmommy's Avatar
jojosmommy jojosmommy is offline
Advanced Daycare.com Member
 
Join Date: Jan 2011
Location: MN
Posts: 1,105
Default

In your book it says on page 121 that roof repair counts under the repair section to be deducted in one year. I am confused.?

Basically the 1100 repair we did amounts to a $28 depreciation (1100/39 years) before you factor in my time space which is typically 45%. Total tax savings (1100 x .45 /39 = $12.69). Am I right? I surely hope not but honestly who ever catches a break anymore.
Reply With Quote
  #4  
Old 07-12-2011, 10:38 AM
TomCopeland's Avatar
TomCopeland TomCopeland is offline
Business Author/Trainer
 
Join Date: Jun 2010
Location: St. Paul, Minnesota
Posts: 3,033
Default Repair

If you took off all the old shingles this is an improvement. If you only replaced some of the shingles this is a repair.
__________________
http://www.tomcopelandblog.com
Reply With Quote
  #5  
Old 07-12-2011, 11:33 AM
jojosmommy's Avatar
jojosmommy jojosmommy is offline
Advanced Daycare.com Member
 
Join Date: Jan 2011
Location: MN
Posts: 1,105
Default

My husband says he left 1 crappy old shingle on just for tax purposes. He says he will provide a ladder for any irs audit guy who would like to check it is still there.

I guess we will enjoy the 12.69 write off we get this year.
Reply With Quote
Reply

Tags
deduction, deduction - home improvement, deduction - repairs, tom copeland

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 04:27 PM
Death in CA Home Daycare -Please Help Unregistered Daycare Center and Family Home Forum 18 06-07-2011 01:04 PM
Interview Tomorrow/How To Make My Home More Appealing! momofboys Daycare Center and Family Home Forum 27 01-31-2011 10:54 AM
Home Improvement Depreciation: Which Form? kitkat Daycare and Taxes 2 01-28-2011 05:20 AM
Does Anyone Home School??? Michael Daycare Center and Family Home Forum 2 01-11-2011 09:16 AM


All times are GMT -7. The time now is 10:10 PM.



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