Tractor was damaged, can I deduct the deductible

[Harvey24]

Where do I put the amount of the deductible for my loss? Is this considered maintenance or repairs? 

[DianeW777]

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.  This can be handled in the asset for the tractor.

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