I am filling out the casualty and theft worksheet.
Asked for 'cost or other basis'.
This is for car damage in a lot. I entered the original cost of the car. Correct?
I haven't done this form 4684 before. which covers casualty or theft event.
01262
1 Replies
xmasbaby0
Level 15
Feb 13, 2024 3:50:46 AM
Is this a car used in business? Casualty losses are not deductible on a federal return unless you are in a federal disaster area. Damage to your personal vehicle in a parking lot is not going to be deductible.