2007-03-09 05:52:45 · 5 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
No. You cannot deduct losses on personal property.
2007-03-09 05:58:14 · answer #1 · answered by tma 6 · 1⤊ 0⤋
Even if it is a business deduction, you can not claim the loss because you still owe the 5k. Only the loan holder can claim the loss and only if s/he accepts your 10k as total and final payment on the car.
2007-03-09 06:02:29 · answer #2 · answered by St N 7 · 0⤊ 0⤋
No you can't - it's a personal loss and isn't deductible.
2007-03-09 13:58:53 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
No.
Otherwise, I'd buy a brand new Hummer and then sell it to my son for $1.00.
Idiocy is not tax deductable.
2007-03-09 06:01:50 · answer #4 · answered by Dave B. 4 · 0⤊ 1⤋
nope - It just a personal loss
2007-03-09 06:01:15 · answer #5 · answered by Anonymous · 0⤊ 0⤋