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Business Loss

Forum|Forum|5 years ago
February 2, 2021
1 reply
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I am a truck driver, a customer refused a produce load I attempted to deliver valued at $9000. My insurance carrier denied my claim so I was left with the tab. Can I write off this expense?

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Best answer by JohnB5677

Yes, you can claim this as a business loss.

You paid $9,000 for the load when it was refused.
This then became inventory.
You stated that you disposed of it.
Did you get any compensation from the disposal.
Any amount received would be deducted from the $9,000 and represent your loss.

M

Mike9241

it's unclear as to whether you paid the $9.000 out of pocket or just couldn't collect on the load.

if you paid it out of pocket, you can deduct what you paid for it. if you incurred no out-of-pocket expense, you just couldn't collect on delivery there is nothing to deduct because you haven't included it in income.

K

King TransportAuthor

After the customer refused the load , the shipper wouldn't take it back, so the shipper charged me for load, which now became my load and I ended up disposing it.