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Financial Planning / Tax Strategies
|Subject: Re: Child care credits||Date: 3/16/2010 3:56 PM|
|Author: irasmilo||Number: 109628 of 124466|
I am a stay at home mom. I am also the person who handles our finances (including savings and investments) and manages our rental property.
I know that if I were working then there would be certain tax credits/deductions available for child care time.
Are they still available to us?
No. The problem is that one of you has no earned income. See Publication 503.
While I agree with Phil, there is one wrinkle on this situation where you could qualify. If your rental property required sufficient management duties (for instance, managing agent for an apartment building) where you could and did draw a salary for your services, you would be eligible for child care credits.
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