topic Can I claim the deductible and diminished value of a car that was in an accident as a Casualty? in Deductions & credits https://ttlc.intuit.com/community/tax-credits-deductions/discussion/can-i-claim-the-deductible-and-diminished-value-of-a-car-that-was-in-an-accident-as-a-casualty/01/529850#M68370 Wed, 05 Jun 2019 03:51:09 GMT brentsterritt 2019-06-05T03:51:09Z Can I claim the deductible and diminished value of a car that was in an accident as a Casualty? https://ttlc.intuit.com/community/tax-credits-deductions/discussion/can-i-claim-the-deductible-and-diminished-value-of-a-car-that-was-in-an-accident-as-a-casualty/01/529850#M68370 Wed, 05 Jun 2019 03:51:09 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/can-i-claim-the-deductible-and-diminished-value-of-a-car-that-was-in-an-accident-as-a-casualty/01/529850#M68370 brentsterritt 2019-06-05T03:51:09Z You cannot claim personal expenses, including damage from... https://ttlc.intuit.com/community/tax-credits-deductions/discussion/you-cannot-claim-personal-expenses-including-damage-from/01/529866#M68372 <P><B>You cannot claim personal expenses</B>, including damage from car accident in your taxes.</P><P>If the car was used exclusively for business, you may be able to claim under business expenses.</P> Wed, 05 Jun 2019 03:51:10 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/you-cannot-claim-personal-expenses-including-damage-from/01/529866#M68372 georgesT 2019-06-05T03:51:10Z Re: Can I claim the deductible and diminished value of a car that was in an accident as a Casualty? https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-can-i-claim-the-deductible-and-diminished-value-of-a-car-that-was-in-an-accident-as-a-casualty/01/1509053#M149902 <P>Based on the information in IRS Pub 557, your answer is not correct.&nbsp; Here are some various sections of this publication related to auto accidents:&nbsp;</P><P>&gt; "Casualty losses can result from a number of different causes, including the following: car accidents"</P><P>&gt; "NONDEDUCTIBLE LOSSES: A casualty loss isn't deductible, even to the extent the loss doesn't exceed your personal casualty gains, if the damage or destruction is caused by the following: A car accident if your willful negligence or willful act caused it."</P><P>&gt; "The decrease in FMV used to figure the amount of a casualty or theft loss is the difference between the property's FMV immediately before and immediately after the casualty or theft."</P><P>&gt; "CAR VALUE: Books issued by various automobile organizations that list the manufacturer and the model of your car may be useful in figuring the value of your car."</P><P>&gt; See also: Example at the top of Page 9, related to excess damage over car insurance policy reimbursement.</P><P>&nbsp;</P><P>As I read this publication, losses from auto accidents ARE deductible as casualty losses provided the loss wasn't caused by the driver claiming the loss, but are limited to the $100 and 10% rule.&nbsp; Your comments?</P> Sat, 18 Apr 2020 23:20:55 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-can-i-claim-the-deductible-and-diminished-value-of-a-car-that-was-in-an-accident-as-a-casualty/01/1509053#M149902 j1023walk 2020-04-18T23:20:55Z Re: Can I claim the deductible and diminished value of a car that was in an accident as a Casualty? https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-can-i-claim-the-deductible-and-diminished-value-of-a-car-that-was-in-an-accident-as-a-casualty/01/1509079#M149903 <P>Was this your personal vehicle or a car used for business?&nbsp; You cannot claim a casualty loss for your car if it was your personal car.&nbsp; The tax laws that changed for 2018 and beyond eliminated casualty losses unless you are in a federal disaster area.</P> <P>&nbsp;</P> <P class="p1"><SPAN class="s1"><A href="https://ttlc.intuit.com/questions/4482873-which-federal-tax-deductions-have-been-suspended-by-tax-reform" target="_blank">https://ttlc.intuit.com/questions/4482873-which-federal-tax-deductions-have-been-suspended-by-tax-reform</A></SPAN></P> Sat, 18 Apr 2020 23:26:59 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-can-i-claim-the-deductible-and-diminished-value-of-a-car-that-was-in-an-accident-as-a-casualty/01/1509079#M149903 xmasbaby0 2020-04-18T23:26:59Z Re: Can I claim the deductible and diminished value of a car that was in an accident as a Casualty? https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-can-i-claim-the-deductible-and-diminished-value-of-a-car-that-was-in-an-accident-as-a-casualty/01/1509101#M149904 <P>You mean pub 547.&nbsp;&nbsp; Personal casualty losses that are not caused by a federally declare disaster care not deductible for 2018-2025 per the TCJA (Tax Cuts and Jobs Act).</P> <P>&nbsp;</P> <P>See Pub 547 page 2</P> <P>&nbsp;</P> <P><EM>Limitation on personal casualty and theft losses. Personal casualty and theft losses of an individual, sustained in a tax year beginning after 2017, are deductible only to the extent that the losses are attributable to a federally declared disaster. Personal casualty and theft losses attributable to a federally declared disaster are subject to the $100 per casualty and 10% of your adjusted gross income (AGI) limitations.</EM><BR /><EM>An exception to the rule above, limiting the personal casualty and theft loss deduction to losses attributable to a federally declared disaster, applies if you have personal casualty gains for the tax year.</EM></P> Sat, 18 Apr 2020 23:33:05 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-can-i-claim-the-deductible-and-diminished-value-of-a-car-that-was-in-an-accident-as-a-casualty/01/1509101#M149904 macuser_22 2020-04-18T23:33:05Z
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topic Can I claim the deductible and diminished value of a car that was in an accident as a Casualty? in Deductions & credits
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Can I claim the deductible and diminished value of a car that was in an accident as a Casualty?
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You cannot claim personal expenses, including damage from...
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<P><B>You cannot claim personal expenses</B>, including damage from car accident in your taxes.</P><P>If the car was used exclusively for business, you may be able to claim under business expenses.</P>
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Re: Can I claim the deductible and diminished value of a car that was in an accident as a Casualty?
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<P>Based on the information in IRS Pub 557, your answer is not correct.&nbsp; Here are some various sections of this publication related to auto accidents:&nbsp;</P><P>&gt; "Casualty losses can result from a number of different causes, including the following: car accidents"</P><P>&gt; "NONDEDUCTIBLE LOSSES: A casualty loss isn't deductible, even to the extent the loss doesn't exceed your personal casualty gains, if the damage or destruction is caused by the following: A car accident if your willful negligence or willful act caused it."</P><P>&gt; "The decrease in FMV used to figure the amount of a casualty or theft loss is the difference between the property's FMV immediately before and immediately after the casualty or theft."</P><P>&gt; "CAR VALUE: Books issued by various automobile organizations that list the manufacturer and the model of your car may be useful in figuring the value of your car."</P><P>&gt; See also: Example at the top of Page 9, related to excess damage over car insurance policy reimbursement.</P><P>&nbsp;</P><P>As I read this publication, losses from auto accidents ARE deductible as casualty losses provided the loss wasn't caused by the driver claiming the loss, but are limited to the $100 and 10% rule.&nbsp; Your comments?</P>
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<pubDate>Sat, 18 Apr 2020 23:20:55 GMT</pubDate>
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Re: Can I claim the deductible and diminished value of a car that was in an accident as a Casualty?
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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-can-i-claim-the-deductible-and-diminished-value-of-a-car-that-was-in-an-accident-as-a-casualty/01/1509079#M149903
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<P>Was this your personal vehicle or a car used for business?&nbsp; You cannot claim a casualty loss for your car if it was your personal car.&nbsp; The tax laws that changed for 2018 and beyond eliminated casualty losses unless you are in a federal disaster area.</P> <P>&nbsp;</P> <P class="p1"><SPAN class="s1"><A href="https://ttlc.intuit.com/questions/4482873-which-federal-tax-deductions-have-been-suspended-by-tax-reform" target="_blank">https://ttlc.intuit.com/questions/4482873-which-federal-tax-deductions-have-been-suspended-by-tax-reform</A></SPAN></P>
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Re: Can I claim the deductible and diminished value of a car that was in an accident as a Casualty?
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<P>You mean pub 547.&nbsp;&nbsp; Personal casualty losses that are not caused by a federally declare disaster care not deductible for 2018-2025 per the TCJA (Tax Cuts and Jobs Act).</P> <P>&nbsp;</P> <P>See Pub 547 page 2</P> <P>&nbsp;</P> <P><EM>Limitation on personal casualty and theft losses. Personal casualty and theft losses of an individual, sustained in a tax year beginning after 2017, are deductible only to the extent that the losses are attributable to a federally declared disaster. Personal casualty and theft losses attributable to a federally declared disaster are subject to the $100 per casualty and 10% of your adjusted gross income (AGI) limitations.</EM><BR /><EM>An exception to the rule above, limiting the personal casualty and theft loss deduction to losses attributable to a federally declared disaster, applies if you have personal casualty gains for the tax year.</EM></P>
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