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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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#1
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Inputting Numbers for Bathroom Update
We purchased all things to remodel bathroom.....new vanity, new flooring, drywall had to be redone because of leak, new paint, trim, lights, everything. Should I add all receipts together then input total number as depreciation expense? Then we paid a contractor to come in and do it, how do I input this?
Also did some updating kitchen the same way? Please advise on how to put in MM. As it asks for value when placed in service, method, and convention |
#2
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Remodeling
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If the cost of the kitchen, regardless of when you did the work, was less than $2,500 then it's a repair and you can deduct the business portion in one year. If it's more than that, treat it as a home improvement. For home improvements, don't worry about entering the "method" or "convention" into Minute Menu. These issues can be dealt with by your tax preparer. If you are doing your own taxes, enter "straight line" for method, and "mid month" for convention.
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http://www.tomcopelandblog.com |
#3
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Quote:
I also forgot the new kitchen appliances we bought in Nov, how about those? Thanks! |
#4
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Should I input each appliance in separately? Together they total $2581.
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#5
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appliances
Treat each appliance separately and deduct the business portion in one year. If you signed a contract with the contractor after September 27, 2017, deduct it as a 2017 expense.
__________________
http://www.tomcopelandblog.com |
Tags |
deduction - remodel |
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