Casualty loss deduction

[Dragonfly1]

Can a flyaway or crash of a drone be considered a "Casualty loss" for income tax purposes?

 

[Dragonfly1]

Found the answer: has to cross a percentage threshold of income. Oh well, I tried ...

 

[Phxbird57]

ask your CPA

 

[Former Member]

Found the answer: has to cross a percentage threshold of income. Oh well, I tried ...

Do you use it for business or pleasure?

If you have a part 107, and use your drone, or intend to use your drone for profit, then the casualty loss clause would not apply, you can write it off as a schedule C business expense along with the cost of the part 107 training and any other applicable expenses. You do have to show it was being used for business and that you intended to make a profit. You could potentially save hundreds of dollars of taxes on a complete loss.

 

[Dragonfly1]

Do you use it for business or pleasure?

If you have a part 107, and use your drone, or intend to use your drone for profit, then the casualty loss clause would not apply, you can write it off as a schedule C business expense along with the cost of the part 107 training and any other applicable expenses. You do have to show it was being used for business and that you intended to make a profit. You could potentially save hundreds of dollars of taxes on a complete loss.

Nope. Ordinary mortal. I read the IRS publications and will just suck it up along with the majority of taxpayers without connections.