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Daycare and Taxes>Mortgage Expenses?
dave4him 08:45 PM 11-27-2013
Are we able to write off house expenses, property tax, interest???
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TomCopeland 09:08 AM 11-28-2013
Originally Posted by dave4him:
Are we able to write off house expenses, property tax, interest???
Yes. You can deduct the business portion (time-space%) of your property tax, mortgage interest, utilities, house insurance, house repairs, and house depreciation. You cannot deduct a portion of your monthly mortgage payment - the principal payment is covered when you claim house depreciation. If you rent your home you can deduct the business portion of your rent.

All of these expenses appear on IRS Form 8829 Expenses for Business Use of Your Home.
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Unregistered 02:33 PM 01-27-2014
This is my first year doing in-home daycare and im not sure how to figure out form 8829. I use 100% of my house for daycare during daycare hours. mom-fri 6:30am to 6pm and 1 saturday a month for 5 hours. I dont really know how to figure out the numbers.
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Max 01:13 PM 03-19-2019
Are mortgage insurance premiums deductible?
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TomCopeland 11:56 AM 03-20-2019
Originally Posted by Unregistered:
This is my first year doing in-home daycare and im not sure how to figure out form 8829. I use 100% of my house for daycare during daycare hours. mom-fri 6:30am to 6pm and 1 saturday a month for 5 hours. I dont really know how to figure out the numbers.
Here's an article on how to calculate your time-space%: http://tomcopelandblog.com/the-time-...ercentage-quiz
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TomCopeland 11:58 AM 03-20-2019
Originally Posted by Max:
Are mortgage insurance premiums deductible?
Yes, as long as they are not paid on cash-out refinances or home equity loans.
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Tags:form 8829, tom copeland
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