I totaled my truck, can I deduct or claim a loss, I collected what the insurance co's value was?

Answer 1

It seems that the past two were both kind of right. You can claim a casualty loss, but not if you caused the loss.
The IRS only allows write-offs if your loss was greater than the insurance covered and if it was due to specific causes. Those causes are flood, hurricane, tornado, fire, earthquake, or volcanic eruption. If you had an accident, you are out of luck.
I posted a link to the IRS website where it discusses casualty losses.

When in doubt, contact a local CPA and see if they can help you out. With his/her professional advice you may be able to come up with something with a different spin.

Answer 2

Yes, but only if you itemize your deductions. This is known as a Casualty Loss. Fair market value is usuallly Blue Book although some folks save advertisements from papers illustrating their car make and model and have claimed the difference between what insurance paid and that price.

If you deliberately smashed your truck, or your truck crashed as a result of your crime (getaway car, for instance), then it isn't deductible. Thus, if your truck crashed as a result of speeding or DUI, it probably isn't deductable.

Answer 3

Who are you deducting or claiming the loss from? If the truck is owned by a corporation, yes, you can deduct uninsured interest and other "upside down" expenses from your gross income, like all your OTHER business expenses. If you individually, no - you're not out on the truck - just on finance charges.

Answer 4

nope nice try though