Closing Daycare and Taxes

[tenderhearts]

I was curious if when I ever decide to close my daycare if I will be having to pay back a lot in taxes for all of the deductions I have taken for our home? I'm really afraid of that.

[TomCopeland]

going out of business

I was curious if when I ever decide to close my daycare if I will be having to pay back a lot in taxes for all of the deductions I have taken for our home? I'm really afraid of that.

The only time you will have to pay back some of the deductions you claimed is the depreciation you claimed (or were entitled to claim) on your home, and any deductions you took using the Section 179 rule (and you went out of business before the end of the depreciation period.)

[tenderhearts]

ok thank you