I've never prepared for day care providers. I have read a lot of info concerning this business and am ok with 99% of the return. My question concerns starting the business and depreciation. I read in an online article that homeowners (1st yr) can take a deduction for the value of the home furnishings. They make a list of all furniture, elecronics, appliances, toys, kitchenware, linens, window coverings, tools, etc. Estimate the resale value as of the first day for the business.
Has anyone heard of this and worked with this? The article didn't say to depreciate it, but it didn't say to expense it either. I want to make sure I include all available deductions, but don't want to include something that isn't worth it to the client. I can imagine what they will say when I tell them to do this. I know to get the info for the house, but the inside items too?
Thanks for any input!
Has anyone heard of this and worked with this? The article didn't say to depreciate it, but it didn't say to expense it either. I want to make sure I include all available deductions, but don't want to include something that isn't worth it to the client. I can imagine what they will say when I tell them to do this. I know to get the info for the house, but the inside items too?
Thanks for any input!
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