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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 12-12-2018, 08:22 AM
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Default Kitchen Remodel

How do we deal with a very large upgrade? We just gutted and re-did our whole kitchen. I need to add up all the receipts. What about tools that were purchased for the project specifically like arts to hold up the cabinets for install and the floor nailer? We did all the labor yourself so the tools were needed.
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Old 12-12-2018, 01:37 PM
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Here are other threads on deductions for remodeling: https://www.daycare.com/forum/tags.p...tion+-+remodel
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Old 12-14-2018, 11:36 AM
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Default Remodeling

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Originally Posted by LittleExplorers View Post
How do we deal with a very large upgrade? We just gutted and re-did our whole kitchen. I need to add up all the receipts. What about tools that were purchased for the project specifically like arts to hold up the cabinets for install and the floor nailer? We did all the labor yourself so the tools were needed.
If the total cost (not counting tools) was more than $2,500 you need to treat this as a home improvement and depreciate it over 39 years. Deduct your time-space% of the tools separately in one year.
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Old 12-17-2018, 09:12 AM
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If the total cost (not counting tools) was more than $2,500 you need to treat this as a home improvement and depreciate it over 39 years. Deduct your time-space% of the tools separately in one year.
Thank you!
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Old 07-05-2019, 08:00 AM
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Default kitchen remodel

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If the total price (without tool count) is $ 1,000 for Kitchen Remodeling more than 39 years and you need separate treatment. One year after a year.
Since the cost is less than $2,500 you can deduct the business portion in one year on Schedule C. Call it a repair.
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