For the cost basis I entered the full amount of my car. From there I just entered the information my insurance company gave me about pay off and things like that. At the end when it asks about FMV Loss I put $0 because it was a total loss. I want it to be included in my deductions. What am I doing wrong?
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I assume the $16,000 you "paid" was to pay off the car loan. That $16,000 is not your casualty loss. You should not be entering anything about pay off.Your casualty loss is the Blue book value less the $10K insurance paid. That's what you need to enter instead.
For FMV, you are asked the FMV before loss: that is where you enter the blue book value. Then it asks FMV after loss: enter 0 there.
I assume the $16,000 you "paid" was to pay off the car loan. That $16,000 is not your casualty loss. You should not be entering anything about pay off.Your casualty loss is the Blue book value less the $10K insurance paid. That's what you need to enter instead.
For FMV, you are asked the FMV before loss: that is where you enter the blue book value. Then it asks FMV after loss: enter 0 there.
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