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torranp
New Member

My car was damaged from an attempted theft. how do i report it if i still have the car

Im confused on the costs basis portion as my insurance repaired it but i lost business revenue
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2 Replies

My car was damaged from an attempted theft. how do i report it if i still have the car

A Casualty and Theft loss is not reported on a federal tax return unless it occurred in a federally declared disaster area. 

Vanessa A
Expert Alumni

My car was damaged from an attempted theft. how do i report it if i still have the car

Your lost business revenue is not deductible.  If the insurance company paid for the repair, then there is nothing to report. 

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