You can claim this loss as a casualty and theft loss.
Your loss is equal to the fair market value of your car at the time of the accident less any insurance payment you may have received.
To enter your loss in TurboTax, please follow these steps:
- Select
"Federal Taxes" on the left
panel
- Select
the "Deductions & Credits"
sub-tab at the top of the screen
- Choose
Show All Tax Breaks
- Scroll
down to Other Deductions and credits"
and select "Show More"
- Select Start or Revisit next to "Casualties and Loss"
