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Okay so I have several questions here when it comes to claiming certain items. I posted in the tax section but I'm in the middle of trying to enter these into MMK so I thought I'd post it here too to see what you ladies did.
Vehicles:
In the beginning of the year I drove our truck and my fiance drove a car. We're not married yet but both cars were used for daycare and family related things. I figured out that I can't claim the vehicle depreciation itself because my name is not on the title of either cars but I can still claim the mileage on each right? Even when I send my fiance out to purchase or on errands for me that are DC related?
Also 6 months ago I purchased a van which is also used for both DC and personal use. My name IS on the title of this vehicle so I can claim it on my taxes but I'm not sure what to enter into MMK. The "Manage Vehicles" window asks me for the Depreciation method. What's the difference between the 5-year depreciation straight line and the 5-year 200% declining balance? Which do I use? And what convention if I file once a year?
Home Improvement:
We did several home improvement projects this year: remodeling our entire kitchen, regrouting the 1st floor and replacing all of the windows in our home. We did all of the work ourselves so how do I claim them? I have all of or receipts and several projects overlaped each other so items for our kitchen remodel also have items for our window replacements etc. Do I claim these items by t/s% and under what category? Or do I have to add up all of our project receipts (we did them all slowly over a span of 6 months) together and claim depreciation? If I claim depreciation is it under 5-year depreciation straight line and the 5-year 200% declining balance and what convention?
Office Equipment:
I bought a few items that fall under office equipment and the MMK menu asks me to depreciate them but none of them are over $100. Do I HAVE to claim depreciation even though they're not expensive items and if yes what category do I put them under? Leaving them under the Office equipment category doesn't give me the option to not claim depreciation.
Thanks kadies. I really REALLY hope someone can answer my questions.
Vehicles:
In the beginning of the year I drove our truck and my fiance drove a car. We're not married yet but both cars were used for daycare and family related things. I figured out that I can't claim the vehicle depreciation itself because my name is not on the title of either cars but I can still claim the mileage on each right? Even when I send my fiance out to purchase or on errands for me that are DC related?
Also 6 months ago I purchased a van which is also used for both DC and personal use. My name IS on the title of this vehicle so I can claim it on my taxes but I'm not sure what to enter into MMK. The "Manage Vehicles" window asks me for the Depreciation method. What's the difference between the 5-year depreciation straight line and the 5-year 200% declining balance? Which do I use? And what convention if I file once a year?
Home Improvement:
We did several home improvement projects this year: remodeling our entire kitchen, regrouting the 1st floor and replacing all of the windows in our home. We did all of the work ourselves so how do I claim them? I have all of or receipts and several projects overlaped each other so items for our kitchen remodel also have items for our window replacements etc. Do I claim these items by t/s% and under what category? Or do I have to add up all of our project receipts (we did them all slowly over a span of 6 months) together and claim depreciation? If I claim depreciation is it under 5-year depreciation straight line and the 5-year 200% declining balance and what convention?
Office Equipment:
I bought a few items that fall under office equipment and the MMK menu asks me to depreciate them but none of them are over $100. Do I HAVE to claim depreciation even though they're not expensive items and if yes what category do I put them under? Leaving them under the Office equipment category doesn't give me the option to not claim depreciation.
Thanks kadies. I really REALLY hope someone can answer my questions.