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Daycare and Taxes>Do I Need to Depreciate?
Boymom 12:40 PM 03-15-2016
I am confused about depreciation. Do I need to depreciate anything if I am just renting? Would I still need to depreciate couches, etc if they are more than $500? Forgive my confusion, but I'm new at all of this tax stuff and I'm going crazy ha!
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Michael 09:47 PM 03-15-2016
Maybe Tom Copeland can comment on this. I would think if you bought the furniture that is used in your business you can depreciate it as a time space percentage.
Her is more info on that: https://www.daycare.com/forum/tags.p...ace+percentage
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TomCopeland 07:20 AM 03-16-2016
Originally Posted by Boymom:
I am confused about depreciation. Do I need to depreciate anything if I am just renting? Would I still need to depreciate couches, etc if they are more than $500? Forgive my confusion, but I'm new at all of this tax stuff and I'm going crazy ha!
A new rule says you can deduct in one year any item costing less than $2,500. See my article on this: http://tomcopelandblog.com/clarifica...-the-2500-rule
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Tags:depreciation - home, time space percentage
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