I rented a large truck to move pool tables for my business. I had an accident that was not covered by insurance. Where can I enter the total repairs to the truck and the city bus I hit, for the loss, which was 18% of my total income?
If you were actively pursuing making money and damaged some property the costs not covered by insurance is a deductible business expense.
It must have been paid in 2018, and you have records for this.
List it as a Misc Expenses for damages paid while moving work equipment on your Sch C.
Due to the large nature of it, just keep good records should IRS ask for verification a year or two from now.
If you got a ticket or fine that is not deductible.
Enter your E-mail address. We'll send you an e-mail with instructions to reset your password.
©1997-2022 Intuit, Inc. All rights reserved.
Intuit,
QuickBooks, QB, TurboTax, ProConnect, and Mint are registered
trademarks
of Intuit Inc. Terms and conditions, features, support, pricing,
and service options
subject to change without notice.
Security
Certification of the TurboTax Online application has been
performed by
C-Level Security.
By accessing and using this page you
agree to the
Terms of Use.
Accessibility
