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Deductions & credits
If your car was not used for business purposes, the car being totaled is a personal loss and would not be reported on your tax return. Personal casualty and theft losses sustained in a tax year beginning after 2017 are not deductible unless they are attributable to a federally declared disaster. As your loss was not due to being in a federally declared disaster the deduction is not allowed.
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March 2, 2020
1:11 PM