Filing a car on your income taxes (complete loss)

[Twista]

So, lets say you lost your car :hmm:


1. Your insurance doesn't cover what happen
2. You file it on your yearly income taxes.

What type of refund can you get for this? You get $0 from your insurance.. so its a total lost.

Any estimates??/

Thanks

 

[Corn]

So, lets say you lost your car :hmm:


1. Your insurance doesn't cover what happen
2. You file it on your yearly income taxes.

What type of refund can you get for this? You get $0 from your insurance.. so its a total lost.

Any estimates??/

Thanks

/facepalm

I don't want to be the bearer of bad news, so I'll let someone else do it.

 

[bruceb]

First, you need to prove current value at time of loss.
Now please see this link:

http://www.irs.gov/pub/irs-pdf/p547.pdf

IRS Pub 547 deals with casualty losses. It is pretty explict
about what you can claim and how much and how to go about it.
Begin reading at Page #03

 

[Twista]

First, you need to prove current value at time of loss.
Now please see this link:

http://www.irs.gov/pub/irs-pdf/p547.pdf

IRS Pub 547 deals with casualty losses. It is pretty explict
about what you can claim and how much and how to go about it.
Begin reading at Page #03

()🙂 thank you very much.