Can I deduct my insurance claim deductible from my tax returns?

Question

I had a car run into my house in 2006 and opened up an insurance claim to help cover the damage. I received only a portion of my insurance deductible back - does anyone know if I can deduct the portion that I paid out of pocket on my tax returns? There was a section in Turbotax that covered accidents and expenses incurred, but I wasn't sure if the deductible was included? thx.

Answer 1

You can take a deduction for an unreimbursed casualty loss, and deductibles certainly qualify as unreimbursed. Unless you paid a huge deductible it's probably not worth it as personal casualty losses are subject to a $100 + 10% AGI limitation. If your AGI is $45k, you'd need $4,600 in unreimbursed losses to get any benefit.

Answer 2

Yes and no. You could probably take the unreimbursed portion of your deductible as a casualty loss if you itemize, but would first have to reduce the amount by $100, then by 10% of your AGI, so if you have any kind of decent insurance, there wouldn't be much if anything left to deduct.

Answer 3

COMMUTING isn't DEDUCTIBLE MILEAGE The IRS considers your first and final journeys of the day to be commuting in case you went to a minimum of one place first, then had to bypass to a different artwork internet site, then your mileage between the worksites may well be claimable, yet you're able to document the mileage on a variety 2106, and you may purely be waiting to declare entire expenditures in a techniques extra desirable than 2% of your adjusted Gross earnings on your Sch A Itemized deduction and from there. in case you don;t have adequate itemized ded to exceed the accepted deduction, you get NO earnings type all that artwork

Answer 4

I think it depends on how much you paid out of pocket. Turbo Tax should walk you through it to see if you qualify.