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Daycare and Taxes>Replace a Driveway
Daycarefamily 04:51 PM 07-26-2021
If I replace my driveway this year because its old and cracking and falling apart, can I depreciate 100%? It will cost $40k to replace. What if I expand it also to meet zoning requirements stating that I need an adequate turn around for customers? I am a residential day care provider.
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Daycarefamily 04:55 PM 07-26-2021
Should I file the safe harbor election for small taxpayers for this?
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Daycarefamily 05:34 PM 07-26-2021
and do I deduct this on form 8829 or schedule C?
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284878 11:18 AM 07-27-2021
I would contact Tom Copeland at www.TomCopelandblog.com he would know the answer to all these questions, and he doesn't charge for his advice.
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TomCopeland 05:10 PM 07-29-2021
Originally Posted by Daycarefamily:
If I replace my driveway this year because its old and cracking and falling apart, can I depreciate 100%? It will cost $40k to replace. What if I expand it also to meet zoning requirements stating that I need an adequate turn around for customers? I am a residential day care provider.
You do not have to depreciate a new driveway. You can deduct the business portion in one year.
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TomCopeland 05:10 PM 07-29-2021
Originally Posted by Daycarefamily:
and do I deduct this on form 8829 or schedule C?
Use Form 8829 and call it a repair/maintenance
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Tags:depreciation - driveway, driveway, safe harbor, tom copeland
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