Solved: What is the definition of business property?
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What is the definition of business property?

Can I get a deduction for my car accident as business property damage?
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Level 15

What is the definition of business property?

Generally, an asset used in a trade or business for the purpose of producing income.

 

Refer to the following IRS topic with respect to casualty losses.

 

https://www.irs.gov/taxtopics/tc515

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Level 15

What is the definition of business property?

Generally, an asset used in a trade or business for the purpose of producing income.

 

Refer to the following IRS topic with respect to casualty losses.

 

https://www.irs.gov/taxtopics/tc515

View solution in original post

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