Real Estate Taxes and Home Insurance

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  • cculver
    New Daycare.com Member
    • Jan 2012
    • 1

    Real Estate Taxes and Home Insurance

    Hello.
    My husband seem to be a bit confused. I have an in home day care. (Using the HRBock @ home Premium--if that matters) This is my 2nd year providing services.
    We have already entered in all of our Real Estate Taxes, Home Owners, etc...anything dealing w/ our house. Right now we are under my "business" taxes.
    They have figured out the time share for me (Yeah!)
    Now they are asking for
    Real estate taxes Entire Home Office
    Homeowner's insurance Entire Home Office...
    Utilities...etc..

    My question....
    Do I need to enter in the real estate taxes and homeowner's insurance again? Even if we entered it in for our general Home information? Isn't that seen as "double" claiming? Or do they see it seperately bc it's an in home business?

    I'm not even sure if this is clear or not....let me know. Thanks!

    Christina
  • TomCopeland
    Business Author/Trainer
    • Jun 2010
    • 3062

    #2
    Mortgage interest

    Enter the entire amount of your property taxes, utilities, etc under the business section. The software will multiply this by your time-space %. It should also reduce the amount deducted on your personal Schedule A. Check this when you print out your tax forms. The amount claimed on Schedule A and Form 8829 should represent 100% of these expenses. If, for some reason, it claims more than 100%, you'll need to go back and fix it.
    http://www.tomcopelandblog.com

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