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Daycare and Taxes>How to Claim? Or Can I Claim?
littlefriends 07:29 AM 12-02-2018
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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Michael 12:11 PM 12-02-2018
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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TomCopeland 06:32 PM 12-02-2018
Originally Posted by littlefriends:
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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littlefriends 05:41 AM 12-03-2018
Thanks!!
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Tags:deduction - repairs, time space percentage
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