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