Deductions & credits

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.

View solution in original post