Damages deductible?

[taxea]

Hard to believe he has no insurance covering his farming business. IMO if he was engaged in the business while driving the tractor the it would be included on his Sch F. My question, aside from that one, would be how did he hit a vehicle with a tractor? Was the vehicle on his property or was he driving the tractor on a public roadway and how does that tie into his business?

[Lion]

If I were driving my car and hit a truck, my insurance company would reimburse the truck owner. So, if I were driving a car owned by my business on busness, my business car insurance would reimburse the truck owner.

[ChEAr$]

Could it be a business casualty loss (Form 4684)?

Nope. it wasn't the farmer's property that was damaged.

[ddoshan]

Neither party had any kind of insurance that might apply. Car, homeowners, liability, etc. If one could seek some sort of insurance reimbursement but chooses not to then ....
Just seems like one of the parties must have had some kind of insurance especially the farmer if he is indeed in the business of farming.

[taxxcpa]

Casualty Loss

Could it be a business casualty loss (Form 4684)?

[JenMO]

the tractor is only used for business, I'm not sure what was going on when this happened. If all was for business , would it be a deduction off the F, could it be a personal deduction? It was an unfortunate accident.

[Koss]

Tractor

The visual on that event is hilarious

It sounds like something out of an episode of Green Acres or something

BMK

[Koss]

Damages

Is the tractor used exclusively for business?

And was he actually using it for business when the accident happened?

BMK

[JenMO]

Client's tractor got away from him and ran into neighbor's truck. Client had to pay 10,000 in damages. No insurance involved. is that a farm expense or personal expense.