I have a tax question. If you run an in home day care can you claim a % of your rent?
149764
My understanding is yes.\n\nHowever, you can count a percentage of the floor area or number of rooms that are EXCLUSIVELY used for your business. No exclusive, no deduction.\n\nCheck out with a tax accountant to be entirely sure, but I believe that is the rule.
555139
It really depends on your deductions.  I usually suggest to employees, family and friends that they claim 1 less deduction than allowed.  In your case, if you are married, filing jointly with 0 dependents, you say you can't claim any children, you should have the highest wage earner claim 1 deduction and the lower wage earner claim 0.  You should, at the end of the year, end up either getting a small refund, or owing a small amount, $100 - $200.  You should be filing a full form 1040, not the 1040EZ or any short form, and claim all the deductions that you can.  I usually resolve tracking my deductions by using a home accounting program such as Microsoft Money or Quicken.  It is just like using a check book, but keeps track of where your money goes.  It also makes reconciling your checkbook monthly very simple.  At the end of the year, I use a tax preparation program such as Turbo Tax, which interfaces with Quicken, and summarizes everything very quickly.  The only time that I have had to pay any taxes in the past 10 years is when I sold rental property and made a tremendous profit.
1149299
Claim what?  You don't get any tax benefits just for owning a house.  But on your itemized deductions, there's slots for the mortgage interest and property taxes you've paid in the last year.  That, in most cases, is deductable.
957787
You claim the rent on your income tax and pay the taxes on it.  List it as rental income.
828223
This is to much calculating for me to do in my head so I'll help a little bit.  The vacation home is going to be used "primarily personal" since you did not rent it for more than fifteen days(if I'm wrong its a fourteen day limitation, in which case its a mixed use home) , and you used it for 56 days.  So the income from the home is excludible.  However, if its a fourteen day limitation the home is mixed use, and you would need to allocate income, and expenses as business/personal.  With the IRS method you calculate interest and taxes based on total days used, in this case 71 days.  So the amount of interest and taxes deductible FROM rental income would be 14/56 x 5800.  Keep in mind thats only if its a fourteen day limitation.  I'm pretty darn sure its a 15 day limitation so most likely this vacation home income is excludible.  I would have to look up the number, but I'm to lazy right now. Good luck on your test.
328993
you can only claim it if you are filling a business income tax.\n\nFor personal Income you can't.
809851
most rates are 2.55 an hr.thats day time more for evening.a liscenced day care can charge 120.00 a wk. and you still pay that rate when your child isn't there to keep your spot open,this includes vacation as well.you don't say the amount of hrs. good luck, happy holidays
1095478
Yes and no. \n\nProperty taxes are based on a % of the homes value. The % is fixed depending on where you live. \n\nSay it is 2%.\n\nIf you bought a $200,000 home, you would pay $4,000 a year. \nIf you bought a $500,000 home, you would pay $10,000 a year.
425838
If you have owned and lived in your home for over 2 years then you may be able to exclude from income all or part of the gain.  \n\nHere is the info you are looking for.  \n\nhttp://www.irs.gov/taxtopics/tc701.html\n\nCan also find more info here:\nhttp://www.irs.gov/pub/irs-pdf/p523.pdf
247947
From the IRS:  \n\nThere are special rules relating to the rental of real property that you also use as your main home or your vacation home. For information on income from these rentals, or from renting at an amount less than the fair market value, refer to Topic 415, Renting Residential and Vacation Property (formerly Renting Vacation Property and Renting to Relatives).\n\nRead the entire fact sheet here: http://www.irs.gov/taxtopics/tc414.html\n\nTopic 415, Renting Residential and Vacation Property here: http://www.irs.gov/taxtopics/tc415.html
114847
No, you don't have to claim this as income, but you also cannot claim child care expenses as a deduction.  You have already gotten this money tax free so you can't deduct it again.
586748
You'd most likely bring home a lil over $700...$714 ish depending on how much they take out foe state tax...its about 100 for fed taxes, 55 for fica, and $13 for medicare
857497
You may minus mortgage interest and any other expense (except for cost for major improvement) form your total rental income and report it as either gain/loss. Unless you have a tax program it is rather time consuming to calculate. Also to take advantage of tax deduction, you may depreciate your house, which takes another form. I have my HR block tax professional do the form and it saves time and definitely worth it. The loss from my rental house offset my adjusted gross income by thousands of dollars every year.
982144
You deduct mortgage on your primary home on schedule A.  Your rental property mortgage is deducted from the income you made on the rental property on schedule E.  There are too many variables (children, other income, other credits, other deductions) to tell you exactly how much the write-offs will save you.  You can get a GENERAL idea by dividing your adjusted gross income (line 37 on 1040) by your total tax (line 63) this is your actual tax rate.   Multiply that number by your write-offs and this is APPROXIMATELY what you will save.
1018884
It may be but there are somethings to consider.  FNMA will make the borrower qualify for the entire payment without counting the rental income unless the borrower has previous experience as a landlord.  If the rental income is allowed as income, FNMA will only allow a credit of 75% of the rental income to compensate for a 25% vacancy factor.
153958
I dont think you can claim foster kids as a dependant...I may be wrong...but i think that since the income you get for them isnt taxable...you cant claim them.
471265
You have to keep track of what people pay you. Give them a receipt at the end of the year of their total paid, you report it on your taxes as income because they will report it as child care. Anyone paying for childcare is smart to report that expense because they can use it as a deductible. PLUS !!! You can figure up how much of the space in your house is being used for the daycare, let's say the kids are in 50% of the rooms of your house, kitchen, living room, dining room and say one bedroom, then when it comes time for you to do your taxes, you put in your income as money paid to you BUT also let a preparer know or you do it on Turbotax.com that 50% of all expenses for your home can be deductibles for your daycare business. Like 50% of all utilities, 50% of your groceries bought, 50% of all homeowners insurance paid, etc.  I did 60%/40% on my taxes because kids are allowed in all but 4 rooms of my home.  My husband and I ALWAYS run my daycare at a loss on purpose as far as taxes go because we will always get a tax refund that way.  You do not have to get licensed my your state to be a daycare and it does not help you in any way unless you want money to help pay for food.  You do however, or really should, get a "rider" policy on your homeowners policy to include any injuries to any kid that's not yours. Mine was only a $50 extra charge for a year.\nHope this helps, it's very simple. Let me know if you want more info.\nThanks