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asaerich
New Member

I paid for hit and run damages to a car rented for a business trip. Can I claim those damages?

 
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Marketstar
Level 7

I paid for hit and run damages to a car rented for a business trip. Can I claim those damages?

To deduct a casualty or theft loss, you must itemize your deductions on Schedule A. The amount of your deduction is limited to the amount of the loss that exceeds 10% of your Adjusted Gross Income after a $100 deductible

As an example, if you had a casualty loss of $2,000, and your Adjusted Gross Income is $40,000, you would not gain a tax benefit.

After deducting $100, you are left with a $1,900 deduction, which is well below 10% of your Adjudged Gross Income of $4,000.

 To enter a casualty loss:

  • Type in casualty loss the search box, top right of your screen, then click the magnifying glass

  • Click the jump to casualty losslink in the search results

  • Follow to prompts and online instructions


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