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Deductions & credits
On November 24, 2020 I had an accident in the parking lot of Costco's. I was leaving the lot, driving about 5-10 miles per hour when the first thing I remember was opening my eyes to see my windshield was cracked, my head was bleeding badly, the air bag was deployed over the steering wheel and ambulances and police were all around, and my chest was very sore. Somehow, I had hit a metal post beside the building and my car was totaled and the ambulance took me to the hospital where they did extensive testing to see if they could find the reason it happened. No other cars were involved. To this day, I have no idea what happened. I think it may have been a stroke (TIA) or something that quickly caused the car to excelerate. I had comprehensive and liability insurance but not collision so I only received salvage value of $1500.00. My car was towed and I was charged $450.00 for towing and storage. How do I get to deduct the loss on my tax return for 2020? A. LaValle