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April 12, 2025
Question

My car was damaged from an attempted theft. how do i report it if i still have the car

  • April 12, 2025
  • 2 replies
  • 0 views
Im confused on the costs basis portion as my insurance repaired it but i lost business revenue

    2 replies

    DoninGA
    Employee
    April 12, 2025

    A Casualty and Theft loss is not reported on a federal tax return unless it occurred in a federally declared disaster area. 

    April 12, 2025

    Your lost business revenue is not deductible.  If the insurance company paid for the repair, then there is nothing to report. 

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