Daycare.com Forum

Go Back   Daycare.com Forum > Daycare and Taxes

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.

Reply
 
Thread Tools Display Modes
  #1  
Old 01-22-2014, 06:55 AM
proudarmywifewith4's Avatar
proudarmywifewith4 proudarmywifewith4 is offline
Daycare.com Member
 
Join Date: Feb 2011
Location: Indiana
Posts: 10
Default Sold Home in 2013 - Tom please help!

Tom,

We sold our home in August 2013. We are actually still living in the home and renting it back until our new home is complete. When reporting the amount of the sale, it asks about depreciation on it from a home business. Is this where we need to put how much we depreciated over the last 7 years we owned the home. I didn't know if that applied to all businesses though I assume so? It greatly affects the amount on our taxes so I want to be sure we are doing it correctly.

Thank you!
Reply With Quote
  #2  
Old 01-23-2014, 08:23 AM
TomCopeland's Avatar
TomCopeland TomCopeland is online now
Business Author/Trainer
 
Join Date: Jun 2010
Location: St. Paul, Minnesota
Posts: 2,754
Default sale of home

Quote:
Originally Posted by proudarmywifewith4 View Post
Tom,

We sold our home in August 2013. We are actually still living in the home and renting it back until our new home is complete. When reporting the amount of the sale, it asks about depreciation on it from a home business. Is this where we need to put how much we depreciated over the last 7 years we owned the home. I didn't know if that applied to all businesses though I assume so? It greatly affects the amount on our taxes so I want to be sure we are doing it correctly.

Thank you!
You must pay tax on all home depreciation you claimed between 1997 and the day you sold your home. There is no 7 year limit. You will find these amounts on your copy of Form 8829 each year. If you have further questions, contact me at 651-280-5991.

Don’t miss my February 4th webinar “Tax Changes for 2013: How to Avoid Mistakes When Filling Out Your 2013 Tax Forms.” It starts at 9pm Eastern Time and is sponsored by Daycare.com. Register here. http://events.r20.constantcontact.co...&llr=yatrx4cab
__________________
http://www.tomcopelandblog.com
Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
Tom Copeland Webinar - How to File an Accurate 2013 Tax Return Michael Daycare Center and Family Home Forum 1 01-27-2014 03:30 PM
Switching From A Church Daycare To Home Daycare Unregistered Parents and Guardians Forum 7 12-03-2012 08:50 AM
Ha! Ha! Ha! Sending Them Home The Same Way They Come In Here!! Registered but logged out Daycare Center and Family Home Forum 7 11-08-2012 01:01 PM
Laundry's Contract (Three Parts) laundryduchess@yahoo.com Daycare Center and Family Home Forum 2 02-02-2010 12:10 PM
When applying for licensing, who determines if it is a "facility" or home child care? rjc9558 Daycare Center and Family Home Forum 6 02-13-2008 06:03 PM


All times are GMT -7. The time now is 04:55 AM.



Daycare.com         Find A Daycare         List Your Daycare         Toys & Products                 About Us

Daycare.com
Please read our Disclaimer before continuing.

Topics pertain mainly to the following States:

Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming