Question

Can I file for a car wreck that I paid to get car fixed in a loss

Forum|Forum|7 years ago
June 6, 2019
2 replies
0 views

My son was driving my car, he was not covered in insurance policy and I had to pay to fix my car.

TurboTax PLUS Online

Employee

<a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/4482873-which-federal-tax-deductions-have-been-suspended-by-tax-reform">https://ttlc.intuit.com/questions/4482873-which-federal-tax-deductions-have-been-suspended-by-tax-reform</a>

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

M

maglib

Employee

Sorry, unless this was a vehicle used for business. Personal casualty and theft losses of an individual, sustained in a tax year beginning after 2017, are deductible only to the extent they’re attributable to a federally declared disaster. The loss deduction is subject to the $100 limit per casualty and 10% of your adjusted gross income (AGI) limitation. An exception to the rule above, limiting the personal casualty and theft loss deduction to losses attributable to a federally declared disaster, applies if you have personal casualty gains for the tax year. In this case, you will reduce your personal casualty gains by any casualty losses not attributable to a federally declared disaster. Any excess gain is used to reduce losses from a federally declared disaster. The 10% AGI limitation is applied to any remaining losses attributable to a federally declared disaster

**I don't work for TT. Just trying to help. All the best. ***Say "Thanks" by marking as BEST ANSWER and clicking the thumb icon in a post and that I solved your question**Mark the post that answers your question by clicking on "Mark as Best Answer" I am NOT an expert and you should confirm with a tax expert.