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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 02-08-2011, 10:11 AM
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marniewon marniewon is offline
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Default Another Mortgage Depreciation Question

I thought I read on here that in order to claim any mortgage depreciation I had to continue to live in my home for 5 years? We are moving at some point this year, so does that mean I can't claim it?
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Old 02-08-2011, 03:56 PM
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TomCopeland TomCopeland is offline
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Default Mortgage

You should always claim the time-space % of your property tax, mortgage interest, depreciation on your home, and other house expenses. You can start deducting these items as soon as your business begins. You don't need to have to live in your home for 5 years to claim any house expenses. Once you do sell your home you will need to pay tax on the house depreciation you have been claiming since you started using your home for your business.



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