https://ttlc.intuit.com/community/tax-credits-deductions/discussion/what-is-the-definition-of-business-property/01/1766488#M166817 Can I get a deduction for my car accident as business property damage? Thu, 31 Dec 2020 15:35:16 GMT ATYSIX 2020-12-31T15:35:16Z https://ttlc.intuit.com/community/tax-credits-deductions/discussion/what-is-the-definition-of-business-property/01/1766488#M166817 Can I get a deduction for my car accident as business property damage? Thu, 31 Dec 2020 15:35:16 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/what-is-the-definition-of-business-property/01/1766488#M166817 ATYSIX 2020-12-31T15:35:16Z https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-what-is-the-definition-of-business-property/01/1766571#M166824 <P>Generally, an asset used in a trade or business for the purpose of producing income.</P> <P>&nbsp;</P> <P>Refer to the following IRS topic with respect to casualty losses.</P> <P>&nbsp;</P> <P><A href="https://www.irs.gov/taxtopics/tc515" target="_blank" rel="noopener">https://www.irs.gov/taxtopics/tc515</A></P> Thu, 31 Dec 2020 16:12:24 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-what-is-the-definition-of-business-property/01/1766571#M166824 Anonymous_ 2020-12-31T16:12:24Z