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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 11-27-2013, 08:45 PM
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Default Mortgage Expenses?

Are we able to write off house expenses, property tax, interest???
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Old 11-28-2013, 09:08 AM
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Default house expenses

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Originally Posted by dave4him View Post
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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Old 01-27-2014, 02:33 PM
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Default form 8829

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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Old 03-19-2019, 01:13 PM
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Are mortgage insurance premiums deductible?
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Old 03-20-2019, 11:56 AM
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Default time-space%

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Originally Posted by Unregistered View Post
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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Old 03-20-2019, 11:58 AM
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Default Mortgage insurance premiums

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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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