Can I deduct $14,000 plus to fix car? Accident in parking lot, person hit & left scene & hit deer. Didn't file claim. To avoid losing ins. on car paid for repairs myself.
02505
2 Replies
DoninGA
Level 15
Apr 11, 2025 12:24:56 PM
Casualty and Theft losses are not deductible on a federal tax return unless the loss occurred in a federally declared disaster area.
Mike9241
Level 15
Apr 11, 2025 12:31:11 PM
This is not a deductible loss for federal purposes under current tax law. Even under the prior tax laws you would have had to reduce the $14K by any insurance proceeds you would have been able to recover even if you didn't file a claim.