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posted Feb 12, 2024 7:34:45 PM

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.

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1 Replies
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.