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Daycare and Taxes>Replacing a 15 Year Old Driveway
Daycarefamily 03:21 PM 01-27-2019
Hi. Our existing driveway is too beat up to repair so we are planning to replace it this summer. Will this be considered a home improvement or maintenance? Its my understanding that a repair/maintenance can be deducted in one year while improvements need to be depreciated.
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TomCopeland 07:49 AM 01-28-2019
Originally Posted by Daycarefamily:
Hi. Our existing driveway is too beat up to repair so we are planning to replace it this summer. Will this be considered a home improvement or maintenance? Its my understanding that a repair/maintenance can be deducted in one year while improvements need to be depreciated.
A driveway is a land improvement, not a home improvement. Therefore, you can deduct the business portion (time-space%) in one year on Form 4562, line 14.
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Daycarefamily 05:16 PM 01-28-2019
Thank you!!
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Tags:deduction - driveway, deduction - home improvement, deduction - repairs, time space percentage
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