I bought a Harley and totalled it. I took a loos on it how can i deduct that loss?

aylee43 · ‎February 5, 2020

JohnW222 · ‎February 5, 2020

Unfortunately, you can no longer deduct such a loss.

The deduction for personal casualty or theft losses has been suspended (eliminated) through tax year 2025, unless the loss occurred in a federally-declared disaster area and was directly caused by the disaster.

Please see the TurboTax Help article "What if I have property that was lost or damaged (a casualty loss)?" for more information.

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View solution in original post

JohnW222 · ‎February 5, 2020

Unfortunately, you can no longer deduct such a loss.

The deduction for personal casualty or theft losses has been suspended (eliminated) through tax year 2025, unless the loss occurred in a federally-declared disaster area and was directly caused by the disaster.

Please see the TurboTax Help article "What if I have property that was lost or damaged (a casualty loss)?" for more information.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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I bought a Harley and totalled it. I took a loos on it how can i deduct that loss?