Hello and thanks in advance for the help.
I'm a W-2 employee in NY and I live and have a rental property that I manage actively in NJ. I had an fender bender accident while making material purchases with truck for my rental. Repair is estimated at $3k. Didn't resource to the insurance due to my high deductible and likely an increase in my insurance premiums.
Can I write some of this cost off? I'm in the section of Federal Taxes>Deductions & Credits > Casualty Loss or Theft. The "federally declared disaster" is throwing my off. In order to qualify for an car accident casualty, it must had happened during a federally declared disaster? If I'm understanding correctly, I wouldn't qualify.
If I can't use it in this section for deductions, can i write-off maybe in rental/qbi expenses? Which section would be ideal to annotate that as business expense in rentals
