2007-03-14 11:01:37 · 3 answers · asked by vonfabulous 1 in Business & Finance ➔ Taxes ➔ United States
In theory, yes, but as a practical matter, no.
Uninsured casualty losses are deductible but they are subject to a limitation of $100 + 10% of your AGI. For example if your AGI is $20,000, only losses greater than $2,100 would be deductible. Since most auto insurance deductibles are much less than that, you won't get any benefit from the deduction.
2007-03-14 11:08:25 · answer #1 · answered by Bostonian In MO 7 · 4⤊ 0⤋
bostonianinmo is correct. One thing that could help is if you have other such losses. After EACH loss is reduced by $100, the TOTAL remainder is subject to the 10% AGI floor. You really don't want to qualify for this deduction.
2007-03-14 11:52:49 · answer #2 · answered by STEVEN F 7 · 1⤊ 2⤋
you at the prompt are not paying $one thousand you're in undemanding words paying $500. finished damages were 1872. Your coverage corporation paid $1372. That leaves $500 left to pay on the damages. you in undemanding words pay $500 to the restore save no longer both the restore save and the coverage corporation.
2016-12-02 00:28:26 · answer #3 · answered by ? 4 · 0⤊ 0⤋