Taxes and 2 Residences

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  • spud912
    Trix are for kids
    • Jan 2011
    • 2398
    #1

    Taxes and 2 Residences

    Hi Tom,

    I will be purchasing your book in the next week or so, but I was wondering if it covers having 2 residences? We moved on August 1st so our T/S% will be different....I imagine I have to fill out two 8859 forms, right (one for each house). If so, how do I "combine" them? If it's in your book, then it should be no problem.

    I'm worried because in the past we used a tax preparer but I noticed he wasn't doing things right last year so I did them myself on paper and then submitted through TaxAct. With the move and now owning a home, I feel like I have to re-learn how to do the taxes. Thanks!
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    • daycare
      Advanced Daycare.com *********
      • Feb 2011
      • 16259
      #2
      I will be interested to hear this too.

      I was renting two houses at the same time for the sole purpose of doing DC.

      Running one to conduct DC out of and preparing the other for licensing and fire so that we could move into it and start DC there. that process took me two full months....
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        • TomCopeland
          Business Author/Trainer
          • Jun 2010
          • 3062
          #3
          Time-space%

          Originally posted by spud912
          Hi Tom,

          I will be purchasing your book in the next week or so, but I was wondering if it covers having 2 residences? We moved on August 1st so our T/S% will be different....I imagine I have to fill out two 8859 forms, right (one for each house). If so, how do I "combine" them? If it's in your book, then it should be no problem.

          I'm worried because in the past we used a tax preparer but I noticed he wasn't doing things right last year so I did them myself on paper and then submitted through TaxAct. With the move and now owning a home, I feel like I have to re-learn how to do the taxes. Thanks!
          My 2014 Family Child Care Tax Workbook and Organizer does address how to calculate your time-space % when you use two homes for your business in one year. Yes, fill out two Form 8829s, one for each home. Then you add the expenses from each 8829 on your Schedule C, line 30.
          http://www.tomcopelandblog.com
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            • spud912
              Trix are for kids
              • Jan 2011
              • 2398
              #4
              Thanks Tom! I was noticing on Amazon that your 2014 edition will not be released until mid March?
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                • TomCopeland
                  Business Author/Trainer
                  • Jun 2010
                  • 3062
                  #5
                  book

                  Originally posted by spud912
                  Thanks Tom! I was noticing on Amazon that your 2014 edition will not be released until mid March?
                  My tax books are available now from Redleaf Press.
                  http://www.tomcopelandblog.com
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                    • spud912
                      Trix are for kids
                      • Jan 2011
                      • 2398
                      #6
                      Originally posted by TomCopeland
                      My tax books are available now from Redleaf Press.
                      Great! Thanks so much!!
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