Is a damage deposit tax deductible?

Answer Because a deposit is refundable in nature, the law neither requires it to be reported as income nor allows it to be claimed as a deductible. While a damage deposit is not deductible, even if it is ... Read More »

Top Q&A For: Is a damage deposit tax deductible

If you hit an object on the freeway and caused damage to a friend's car can you be held liable for the damage or deductible in CA?

%REPLIES%%DETAILS% Answer More than likely, yes. The car was the responsibility of the person driving it at the time of damage, regardless of the circumstances. Answer You are NOT liable for any pa... Read More »

Is a rental deposit tax deductible?

Rental deposits do not qualify as a tax deduction on your income tax. A security deposit or rental deposit is a refundable expense, and so it does not count as a deduction. It also does not count... Read More »

Is a lease deposit tax deductible?

Money paid for a lease deposit could be tax deductible depending on the use of the property being leased. If the property is used for the purpose of conducting business, the amount paid can be dedu... Read More »

Is flood damage tax deductible?

Flood damage can be deducted from your federal income tax if you itemize your deductions. If you have insurance, you can only claim a deduction if you file a claim and the amount of the damage exce... Read More »