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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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Old 07-02-2019, 11:00 AM
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LittleExplorers LittleExplorers is offline
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Default Fence Expenses

We are putting in a fence ourselves. Where does th3 expense of materials and tools go in tax forms? I am funding it with grant money if that makes a difference.
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Old 07-03-2019, 10:30 AM
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Default fence

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Originally Posted by LittleExplorers View Post
We are putting in a fence ourselves. Where does th3 expense of materials and tools go in tax forms? I am funding it with grant money if that makes a difference.
You can deduct the business portion of the fence in one year, rather than depreciating it. If you are required to put up the fence by licensing, deduct 100% of the cost. If you have personal reasons for the fence, deduct part of the cost, using either your time-space% or an actual business use percent. If the cost is less than $2,500, claim it on Schedule C as a repair. If the cost is more, claim it on Form 4562, line 14.
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