Taking a loss in my in home daycare caring for my own child
I recently adopted my son and he now takes up a spot in my in-home daycare. This will be indefinitely due to his disabilities. It is a loss in income of about 11k a year.
Can I write that loss of income off? Somehow soften the blow?
Taking a loss in my in home daycare caring for my own child
Sorry no. You can't deduct income you never received. You will just have less income to be taxed on. You take the loss by still deducting all your actual expenses.
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