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mccoyrobert60
New Member

Can I deduct balance for my vehicle in hurricane at Henando Bch, FL Sept 2016. insurance paid $17,035.00 and Payoff was $26,888.00?

Can I deduct the $9,753.00 I still have to pay the bank?

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RichardG
New Member

Can I deduct balance for my vehicle in hurricane at Henando Bch, FL Sept 2016. insurance paid $17,035.00 and Payoff was $26,888.00?

You can claim a casualty loss on the vehicle based on its fair market value prior to the hurricane less the insurance recovery.  That amount may be more or less than the outstanding loan balance.  Please follow this link for more information.  https://turbotax.intuit.com/tax-tools/tax-tips/Tax-Deductions-and-Credits/About-Casualty-Deduction-f...

To enter the loss in TurboTax, go to Federal>Deductions & Credits>Other Deductions and Credits.


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1 Reply
RichardG
New Member

Can I deduct balance for my vehicle in hurricane at Henando Bch, FL Sept 2016. insurance paid $17,035.00 and Payoff was $26,888.00?

You can claim a casualty loss on the vehicle based on its fair market value prior to the hurricane less the insurance recovery.  That amount may be more or less than the outstanding loan balance.  Please follow this link for more information.  https://turbotax.intuit.com/tax-tools/tax-tips/Tax-Deductions-and-Credits/About-Casualty-Deduction-f...

To enter the loss in TurboTax, go to Federal>Deductions & Credits>Other Deductions and Credits.


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