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Daycare and Taxes>New Center Question
LWICD 07:31 PM 01-21-2013
Ok so we started construction on a new center in august. Since then we have been spending all kinds of money on supplies and interest payments ect. Since we are not open yet and did not open in 2012 do we claim those costs as a lost on our 2012 taxes or hold them all until this year. I just want to make sure I understand what is correct. My tax guy says to claim it this year and he thinks it will help us get a return on our personal to help go toward more cost to finish up the daycare but I have been told to hold off until next tax time as well. Pls help and explain why.
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Michael 02:46 AM 01-22-2013
Perhaps Tom Copeland will have an answer. Here are some threads on home deductions: https://www.daycare.com/forum/tags.p...me+improvement
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TomCopeland 12:42 PM 01-22-2013
Originally Posted by LWICD:
Ok so we started construction on a new center in august. Since then we have been spending all kinds of money on supplies and interest payments ect. Since we are not open yet and did not open in 2012 do we claim those costs as a lost on our 2012 taxes or hold them all until this year. I just want to make sure I understand what is correct. My tax guy says to claim it this year and he thinks it will help us get a return on our personal to help go toward more cost to finish up the daycare but I have been told to hold off until next tax time as well. Pls help and explain why.
If you were not doing business in 2012 you cannot deduct any expenses in 2012. Claim these expenses on your 2013 tax return.
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Tags:deduction - home improvement
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