How I Do My Home Deduction

Julia2 · #1 01-09-2020, 05:27 PM

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

TomCopeland · #2 01-11-2020, 07:40 AM

Quote:

Originally Posted by Julia2

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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