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New Member
posted Dec 31, 2020 7:35:16 AM

What is the definition of business property?

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

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1 Best answer
Level 15
Dec 31, 2020 8:11:39 AM

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

1 Replies
Level 15
Dec 31, 2020 8:11:39 AM

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