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P
poover
October 14, 2022
Question

My car got destroyed in a accident it was not my fault I did not get a ticket is there a tax deduction for my loss?

  • October 14, 2022
  • 3 replies
  • 0 views
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3 replies

DoninGA
DoninGA
Employee
October 14, 2022

Casualty and theft losses are not deductible on federal tax return due to the tax code changes in effect for tax years 2018 thru 2025.

    A
    Anonymous_
    Employee
    October 14, 2022

    Not really, unless it was caused by a federally declared disaster or it was used for business.

     

    See https://www.irs.gov/taxtopics/tc515

      X
      xmasbaby0
      Employee
      October 14, 2022

      Sorry--no.   Casualty and theft losses are not deductible on a federal return unless your  loss was the result of a federally declared disaster.

       

      https://ttlc.intuit.com/questions/4482873-which-federal-tax-deductions-have-been-suspended-by-tax-reform

      **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.**
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