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posted May 31, 2019 11:21:26 PM

Can I claim vandalism to my vehicle if I went through my insurance but still had to pay my deductible?

0 2 1025
2 Replies
Level 15
May 31, 2019 11:21:28 PM

Don't waste your time. When claiming a loss on your taxes, you have to take $100 right off the top. Then you have to remove another 2% of your AGI from your "loss claim". It's not worth it, and will most likely have ZERO impact on your bottom line tax liability.

Level 15
May 31, 2019 11:21:30 PM

It is unlikely to affect your return.It is difficult to claim a casualty loss because you have to meet a tough threshhold. Only the amount of a casualty loss that is OVER 10% of your adjusted gross income can be counted toward your itemized deductions, and even then you must subtract $100 from that amount.  If your loss was covered by insurance, it is very unlikely that the amount of your deductible would be enough to count as a deduction.  If you want to enter your casualty loss, go to the Federal>Deductions and Credits> Deductions and Credits>Casualties and Thefts.