I bought a GMC SIERRA king cab truck for 6000 Dec2020 it was stolen 6mths later found totaled 3 days later . paid 600 dlrs of insurance liability only

Forum|Forum|4 years ago
April 26, 2022
1 reply
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Someone told me that because it was stolen I can claim it

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xmasbaby0

Level 15

Casualty and/or theft losses were eliminated as a federal deduction by the tax laws that changed for 2018 and beyond. If this was your personal vehicle there is nothing about this to deduct on your federal tax return. Sorry.

https://ttlc.intuit.com/questions/4482873-which-federal-tax-deductions-have-been-suspended-by-tax-reform

Or was this a vehicle used for self-employment?

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

WilliamW1952

Level 2

Generally you won't be able to deduct this on your personal return. However if you were using this as a part of your business and the vehicle was on your businesses books as an asset you can write it off to the extent of the current book value minus any insurance and / or salvage that you received. The write off would be on your business books not your personal books. If you were using this for your business but owned it personally and were taking the mileage deduction, you can't write it off.