Gifts That I Use In Daycare - No Receipt

[Unregistered]

I received a few things for gifts at Christmas from my inlaws that will be used in my daycare. They are things that will have a shared bus. expense. Card table and chairs and an ice cream maker. Is there a way for me to claim the business portion of these since I don't have an actual receipt?

[sharlan]

Since they were gifts that you didn't pay for, how can you use them as a business expense?

[Unregistered]

I am wondering, just like when you do an inventory of household items in the beginning.
These are things that are being used with the day care.
Just curious if this is a deduction or not. Hopefully Mr. Copeland can answer this one.

[wdmmom]

In order for anything to qualify as a business expense, you have to incur the expense of purchasing it.

It will then be determined if it needs to be depreciated, if it is 100% deductible or if it is used on the time/space percentage.

Gifts and donations you receive are not an expense.

[wash]

if I remember correctly (I went to one of Toms conferences)YES you can deduct anything you use in daycare even if you didnt purchase it. Take a pic and make note of the cost of it if you would have purchased it. I am pretty sure that is the advise he gave. I am sure Tom will correct me if I am wrong

[TomCopeland]

gifts as deductible expenses

I'm doing some further research on this and I'll get back to you on this question.

[Unregistered]

Thanks Tom. I am curious to know what you find out!