I paid $3000 out of my business account to the defendant as part of a small claims court settlement against my rental property for water and mold damage to personal items can I write this off? If so, using what form?

sjone · ‎June 6, 2019

Also, do I need to report the individual's name and payment amount to the IRS?

bwa · ‎June 6, 2019

I'm assuming that you're the landlord and report the rental income on Schedule E.

That would be a deductible expense on Schedule E where you would report your rental income. A category such as repairs would be appropriate.

Investors & landlords