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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?

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

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?

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.

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Alumni
Alumni

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?

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.

View solution in original post

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