I understand that you can deduct loss of property due to a casulty that was not covered by insurance, but does that include the deductible?
For example, I had a car fire. The insurance company determined the car was worth $4,000 and cut me a check for $3,000 because my deductible was $1,000. Can I deduct that $1,000 from my taxes? Can I count the cost I paid for a rental vehicle?
2007-01-27 05:58:03 · 4 answers · asked by Grifter_24 1 in Business & Finance ➔ Taxes ➔ United States
Some uninsured losses are eligible for the casualty loss deduction. Insurance deductibles are considered uninsured losses and are therefore eligible for the deduction.
However, the casualty loss deduction is reduced by $100 and 10% of your adjusted gross income. Therefore if your AGI is more than $9,000 you won't have any deduction for this loss.
The cost of the rental vehicle is not deductible.
See IRS Pub 547 for more information: http://www.irs.gov/pub/irs-pdf/p547.pdf
2007-01-27 06:49:29 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Business loss, not personal
2007-01-27 14:06:18 · answer #2 · answered by buzzwaltz 4 · 0⤊ 1⤋
consult a tax advisor.
2007-01-27 14:05:45 · answer #3 · answered by Richard H 7 · 0⤊ 1⤋
if you call your local irs office they will give you a straight answer
2007-01-27 14:12:56 · answer #4 · answered by tigerlilliebuick 3 · 0⤊ 1⤋