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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?

(this is a planning question, as we haven't yet paid for any child care)

- Megan
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No. of Recommendations: 1
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.

Phil
Rule Your Retirement Home Fool
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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.

Ira
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I am by no means a tax expert, but if you hired child care so that you could look for work, you would qualify. You have to find someone to watch the child who is willing to hand you over their SSN. If they are not, you can provide some info like name and address but I don't know if that would red flag you for audit or not.

Just my $0.02.
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