I live in Illiois. I couldn't repay my payday loan so the company took my car instead. Can I deduct this loss on my 2006 income taxes?
2007-03-07 14:26:58 · 10 answers · asked by urbutlergirl 1 in Business & Finance ➔ Taxes ➔ United States
You did not have a loss. You repaid some or all of the loan with your car. There is nothing to deduct.
2007-03-08 02:42:53 · answer #1 · answered by ninasgramma 7 · 0⤊ 0⤋
1
2016-09-26 14:29:52 · answer #2 · answered by Stacy 3 · 0⤊ 0⤋
Neither of you're legally deducting "interest money" legally on your earnings taxes. Your brother is taking the interest paid as an "rate" of doing agency, yet isn't specifacally taging it as interest. there is not any interest deduction available to US taxpayers different then in that of the loan deduction. A motor vehicle very own loan interest for inner maximum use is an identical element, no longer deductible and neither is the student very own loan interest.
2016-11-23 14:31:11 · answer #3 · answered by slagle 4 · 0⤊ 0⤋
after spending 7 years doing taxes the answer is no you cannot claim a loss for your inability to repay a loan.
2007-03-07 16:11:05 · answer #4 · answered by lilabner 6 · 0⤊ 0⤋
No, it's not considered a casualty loss, or any other kind of deductible loss.
2007-03-07 17:08:57 · answer #5 · answered by Judy 7 · 1⤊ 0⤋
No.
Having your car seized for non-payment of a loan is neither a "Casualty" or a "Theft".
2007-03-07 14:39:14 · answer #6 · answered by Wayne Z 7 · 0⤊ 0⤋
I don't think so, but it would be best to check with a tax adviser.
2007-03-07 14:44:23 · answer #7 · answered by badbill1941 6 · 0⤊ 1⤋
You can't deduct stupidity or laziness on your return. NO!!
2007-03-07 14:31:44 · answer #8 · answered by k_hart100 3 · 0⤊ 3⤋
yes
2007-03-07 14:30:32 · answer #9 · answered by kitty 6 · 0⤊ 5⤋
no
2007-03-07 14:32:27 · answer #10 · answered by cork 7 · 0⤊ 0⤋