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Can I claim tax deductions for diminished value? After the repairs, my car had estimated diminished value of 9k as computed by DV adjuster. Please let me know

 
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HelenC1
Intuit Alumni

Can I claim tax deductions for diminished value? After the repairs, my car had estimated diminished value of 9k as computed by DV adjuster. Please let me know

Generally, you may deduct casualty and theft losses relating to your home, household items, and vehicles on your federal income tax return if the loss is caused by a federally declared disaster declared by the President. You may not deduct casualty and theft losses covered by insurance, unless you file a timely claim for reimbursement and you reduce the loss by the amount of any reimbursement or expected reimbursement.

 

Disaster Area Losses – A federally declared disaster is a disaster that occurred in an area declared by the President to be eligible for federal assistance under the Robert T. Stafford Disaster Relief and Emergency Assistance Act. It includes a major disaster or emergency declaration under the Act. See See the TurboTax FAQ: What if I have property that was lost or damaged (a casualty loss)?for more information.

 

If your property is personal-use property or isn't completely destroyed, the amount of your casualty loss is the lesser of:

TurboTax will let you explore itemized deductions to see if it is right for your situation.

  1. Type "casualty loss" in your program's search box.
  2. Select the "Jump to" link in the search results.
  3. Follow the onscreen instructions.

[Edited 2-10-2020|10:15 am PST]

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