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bayern80
New Member

Can I make a casualty deduction of the difference between what the insurance company paid for my totaled car and what it actually cost me to get the car back on the road?

 
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Coleen3
Intuit Alumni

Can I make a casualty deduction of the difference between what the insurance company paid for my totaled car and what it actually cost me to get the car back on the road?

Unfortunately, the only casualty deductions allowed any more are those in Presidentially declared disaster areas. These deductions were eliminted with 2018 Tax Cuts and Jobs Act (TCJA).

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Coleen3
Intuit Alumni

Can I make a casualty deduction of the difference between what the insurance company paid for my totaled car and what it actually cost me to get the car back on the road?

Unfortunately, the only casualty deductions allowed any more are those in Presidentially declared disaster areas. These deductions were eliminted with 2018 Tax Cuts and Jobs Act (TCJA).

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