https://ttlc.intuit.com/community/tax-credits-deductions/discussion/tractor-was-damaged-can-i-deduct-the-deductible/01/3551372#M341249 <P>Where do I put the amount of the deductible for my loss? Is this considered maintenance or repairs?&nbsp;</P> Sat, 08 Mar 2025 22:30:32 GMT Harvey24 2025-03-08T22:30:32Z https://ttlc.intuit.com/community/tax-credits-deductions/discussion/tractor-was-damaged-can-i-deduct-the-deductible/01/3551372#M341249 <P>Where do I put the amount of the deductible for my loss? Is this considered maintenance or repairs?&nbsp;</P> Sat, 08 Mar 2025 22:30:32 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/tractor-was-damaged-can-i-deduct-the-deductible/01/3551372#M341249 Harvey24 2025-03-08T22:30:32Z https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-tractor-was-damaged-can-i-deduct-the-deductible/01/3551407#M341255 <P><SPAN style="font-size:14px;">It depends. If you replaced the tractor then this could be added to the cost of the new one. If you did not replace the tractor then you would have a taxable event, considered as a sale. The insurance proceeds (sales price) less the cost of the original tractor, plus the depreciation would be the net profit or loss. &nbsp;This can be handled in the asset for the tractor.</SPAN></P><P>&nbsp;</P><P><SPAN style="font-size:14px;">Please update with additional details and we can provide more guidance.</SPAN></P> Sat, 08 Mar 2025 22:45:12 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-tractor-was-damaged-can-i-deduct-the-deductible/01/3551407#M341255 DianeW777 2025-03-08T22:45:12Z