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08/22/2011

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Amber Barker

So if I understood this right. I started opening my business in March of 2011 Actual first day with children was June 1st 2011. I can go through my house and just use an estimate and I will not need receipts? Do I need to document by taking pictures of the items or just the inventory list? Thank You!

Tom Copeland

Yes, take an inventory and estimate the value of your household items as of June 1, 2011. If you have receipts, save them. Otherwise take pictures of the items.

Jeremy

So I think I understand everything except valuation. So I started daycare in 2011, my wife has a laptop that she purchased in 2009, starting in 2011 we used the laptop for business. So I can depreciate the laptop on 2011 taxes even though I did not purchase it in 2011. Right?
Okay, so what do I put for value? I have a receipt showing full purchase price in 2009, or do I use an estimated value of it in 2011?

Tom Copeland

Yes, you start depreciating the laptop in 2011 based on what it was worth in 2011 when you started using it in your business. Estimate what a stranger would pay you for the computer in 2011. It's a guess. It's probably not worth more than half of what you paid for it.

Beth Lumino

I just read this article, I did not do this when I first started my daycare a couple years ago can I do it now?

Tom Copeland

Yes! Use IRS Form 3115 to claim depreciation deductions you were entitled to claim before 2012. See my article: http://www.tomcopelandblog.com/2011/09/how-experienced-providers-an-uncover-hidden-deductions-.html

Sandra Weber

we use our house for daycare and added another bedroom and a dining room on. Both these rooms are used for daycare just like the rest of the house. Can we use the cost of the addition for a deduction.

Tom

Yes. This is a home improvement that you must depreciate over 39 years after applying your time-space %.

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