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Old 05-03-2019, 07:02 AM
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Baby Beluga Baby Beluga is offline Member
Join Date: Aug 2014
Location: USA
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Default Hypothetical Question

I have a family who has paid $75/week since August to hold a spot for their child. Obviously I claimed this as earned income on my taxes and sent the parents a receipt for their tax purposes.

The reservation contract states the holding fees are not refundable. However, if things go south and I choose not keep the child enrolled (based on what mom keeps saying, I am terrified of this child being here and how it will negatively effect myself and my group) I plan on refunding at minimum 50% of what they paid in holding fees. If I refund, how will that effect my taxes? Do I claim it as a loss on 2019 taxes? Do I do an amendment for 2018? Is it a wash? How does this effect the parents taxes? Do they have to do an amendment since they claimed childcare expenses that were then refunded?
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deduction - refunds, refunds, tom copeland

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