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amvernon
New Member

My leased vehcle was stolen. We now owe the financing company $14,000. Can I claim the amount I owe as loss on my tax return?

 
1 Reply
Lakeisha
New Member

My leased vehcle was stolen. We now owe the financing company $14,000. Can I claim the amount I owe as loss on my tax return?

Yes, this is the Casualty and Theft deduction. This deduction covers property that’s damaged as a result of a disaster, such as a storm, flood, fire, car accident, or similar event, and also covers stolen property. Property includes anything you own.

To enter this in TurboTax:

  1. Go to the "Federal Taxes" tab
  2. Click on "Deductions & Credit
  3. Scroll down to "Other Deductions and Credits" and click on "show more" to the right of it
  4. Click "Start" next to "Casualties and Thefts" continue to follow the onscreen guide. 
I'm sorry your vehicle was stolen. I hope this information helps!

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