Question for next year tax's

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  • Unregistered

    Question for next year tax's

    we are changing the basement over to a full on daycare area nothing but daycare use we have to replace all the flooring do i save the receipts for my tax's. I asked the person that did my tax's this year and she said no home improvements were not a tax right off.ink all though I think she is wrong I was not happy with her at all and i have a horrible feeling she messed up my refund and I should have got even more back then i did. but i deff want to know if i do keep the new flooring receipts for next year

    Thank you
  • TomCopeland
    Business Author/Trainer
    • Jun 2010
    • 3062

    #2
    Home improvements

    Originally posted by Unregistered
    we are changing the basement over to a full on daycare area nothing but daycare use we have to replace all the flooring do i save the receipts for my tax's. I asked the person that did my tax's this year and she said no home improvements were not a tax right off.ink all though I think she is wrong I was not happy with her at all and i have a horrible feeling she messed up my refund and I should have got even more back then i did. but i deff want to know if i do keep the new flooring receipts for next year

    Thank you
    You are clearly entitled to deduct your new flooring. Save all your receipts associated with it. If you replace the flooring with carpeting or vinyl you can deduct it in one year using the Section 179 rule. If you put in wood or tile flooring you must depreciate it over 39 years.
    http://www.tomcopelandblog.com

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