Daycare.com Forum Daycare Forum

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 07-26-2021, 04:51 PM
Daycarefamily's Avatar
Daycarefamily Daycarefamily is offline
Daycare.com Member
 
Join Date: Jan 2018
Location: NH
Posts: 36
Default Replace a Driveway

If I replace my driveway this year because its old and cracking and falling apart, can I depreciate 100%? It will cost $40k to replace. What if I expand it also to meet zoning requirements stating that I need an adequate turn around for customers? I am a residential day care provider.
Reply With Quote
  #2  
Old 07-26-2021, 04:55 PM
Daycarefamily's Avatar
Daycarefamily Daycarefamily is offline
Daycare.com Member
 
Join Date: Jan 2018
Location: NH
Posts: 36
Default

Should I file the safe harbor election for small taxpayers for this?
Reply With Quote
  #3  
Old 07-26-2021, 05:34 PM
Daycarefamily's Avatar
Daycarefamily Daycarefamily is offline
Daycare.com Member
 
Join Date: Jan 2018
Location: NH
Posts: 36
Default

and do I deduct this on form 8829 or schedule C?
Reply With Quote
  #4  
Old 07-27-2021, 11:18 AM
284878's Avatar
284878 284878 is offline
Day Care Owner
 
Join Date: Oct 2013
Location: Next door
Posts: 2,188
Default

I would contact Tom Copeland at www.TomCopelandblog.com he would know the answer to all these questions, and he doesn't charge for his advice.
Reply With Quote
  #5  
Old 07-29-2021, 05:10 PM
TomCopeland's Avatar
TomCopeland TomCopeland is offline
Business Author/Trainer
 
Join Date: Jun 2010
Location: St. Paul, Minnesota
Posts: 3,066
Default

Quote:
Originally Posted by Daycarefamily View Post
If I replace my driveway this year because its old and cracking and falling apart, can I depreciate 100%? It will cost $40k to replace. What if I expand it also to meet zoning requirements stating that I need an adequate turn around for customers? I am a residential day care provider.
You do not have to depreciate a new driveway. You can deduct the business portion in one year.
Reply With Quote
  #6  
Old 07-29-2021, 05:10 PM
TomCopeland's Avatar
TomCopeland TomCopeland is offline
Business Author/Trainer
 
Join Date: Jun 2010
Location: St. Paul, Minnesota
Posts: 3,066
Default

Quote:
Originally Posted by Daycarefamily View Post
and do I deduct this on form 8829 or schedule C?
Use Form 8829 and call it a repair/maintenance
Reply With Quote
Reply

Tags
depreciation - driveway, driveway, safe harbor, tom copeland

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not 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
Parking in Driveway Unregistered Daycare Center and Family Home Forum 6 01-26-2020 09:07 AM
Parking in Driveway Baby Beluga Daycare Center and Family Home Forum 8 04-19-2019 02:17 PM
One Sided Argument In Driveway lovemykidstoo Daycare Center and Family Home Forum 3 01-20-2017 09:57 AM
Driveway & Yard Issue JeepGirl6 Daycare Center and Family Home Forum 3 05-17-2014 07:31 AM
Partial Driveway Replacement - Depreciation or Write-off tn0087 Daycare and Taxes 2 08-19-2013 06:00 PM


All times are GMT -7. The time now is 10:53 AM.



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