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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 12-02-2018, 08:29 AM
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littlefriends littlefriends is offline
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Default How to Claim? Or Can I Claim?

I had to have a really big area of sewer line dug up and replaced which included a large chunk of my yard, driveway, and sidewalk. When all was said and done the total cost was $12,000, which I am now making loan payments of $300 per month to pay off. Can I claim this this year? Do I have to have it paid off to claim it? Am I allowed to claim any of it??
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Old 12-02-2018, 01:11 PM
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Michael Michael is online now
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I would think you would use the time space percentage for your deduction. Here are some previous posts on deducting home repairs: https://www.daycare.com/forum/tags.p...tion+-+repairs
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Old 12-02-2018, 07:32 PM
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TomCopeland TomCopeland is offline
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Default Land improvement

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Originally Posted by littlefriends View Post
I had to have a really big area of sewer line dug up and replaced which included a large chunk of my yard, driveway, and sidewalk. When all was said and done the total cost was $12,000, which I am now making loan payments of $300 per month to pay off. Can I claim this this year? Do I have to have it paid off to claim it? Am I allowed to claim any of it??
The new tax law allows you to deduct the business portion of the $12,000 in one year, no depreciation. Even though you haven't paid it off. You can also deduct the business portion of the interest each year.
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Old 12-03-2018, 06:41 AM
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littlefriends littlefriends is offline
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Thanks!!
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