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If we put in a fireplace would we be able to write off the cost? Also what about finishing a basement? Would there be any tax benefit to that? Or would it just be the t/s that would change if I used part of it for daycare?
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expenses
If you use the fireplace in your business you could deduct time-space% of the cost. Same for the basement. If either costs are less than $2,500 you can deduct the business portion in one year. If more, then treat them as a home improvement and depreciate over 39 years. -
water heater
We had to put in a new water heater in 2019...the old one quit. The cost was under $2,000. I realize other appliances would use the T/ space percent in one year but was not sure if this qualified for this method as well ?Comment
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I believe it would qualify. You use your hot water heater to wash daycare pots/pans, dishes and do daycare laundry and wash the little one’s hands, don’t you?Comment
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HVAC Deduction
Do I have to depreciate a new ac/heat pump ($6500), or can this be expensed in one year? I’m hearing conflicting answers.Comment
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ac/heat pump
This sounds like a home improvement that should be depreciated over 39 years and it represents more than half of the cooling/heating system in your home. See my article about exceptions to this rule:http://tomcopelandblog.com/how-to-de...me-improvementComment
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