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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 01-09-2020, 06:27 PM
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Julia2 Julia2 is offline
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Default How I Do My Home Deduction

Hi I have a question, how I deduct the used of my home for using part of it for my home daycare business?, my plan was rent myself my first full floor were I gonna have my daycare, it will be exclusively for my business? , I will pay the taxes on the rent income, any other suggestions or how you do ?, thank you
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Old 01-11-2020, 08:40 AM
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TomCopeland TomCopeland is offline
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Default house expenses

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Originally Posted by Julia2 View Post
Hi I have a question, how I deduct the used of my home for using part of it for my home daycare business?, my plan was rent myself my first full floor were I gonna have my daycare, it will be exclusively for my business? , I will pay the taxes on the rent income, any other suggestions or how you do ?, thank you
No, you can't rent to yourself. Calculate your time-space% and deduct this business portion of house expenses on Form 8829 Expenses for Business Use of Your Home. Since you will have an exclusive use room for your business, your time-space% will be higher.
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