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New Member
posted Feb 3, 2023 6:40:05 PM

I want to know how I can receive a deduction for the loss of my totaled car, and belongings lost due to a car accident (I only had liability ins).

My online search said that I could on my Federal return but I didn't see any section to put the information.  I lost an older car but KBB FMV was around $4000, eye glasses, groceries, cds and laundry as a result of either damage or them being held hostage by the towing company.

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2 Replies
Level 15
Feb 3, 2023 6:45:21 PM

Sorry....casualty losses are not deductible on your federal tax return.  The tax laws that changed for 2018 and beyond eliminated casualty losses except for losses that happened in a federal disaster area.

New Member
Feb 3, 2023 6:52:13 PM

TY for your time- much appreciated.