My vehicle sustained damage from a hit and run accident. Can I deduct the cost of repairs as a property loss?
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My vehicle sustained damage from a hit and run accident. Can I deduct the cost of repairs as a property loss?

 
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My vehicle sustained damage from a hit and run accident. Can I deduct the cost of repairs as a property loss?

The tax treatment of personal casualty losses and thefts is changed under the Tax Cuts and Jobs Act. Pursuant to this new tax law, the itemized deduction for personal casualty and theft losses is temporarily limited in tax years 2018 through 2025 solely to losses attributable to federally-declared disasters.

Your loss is therefore not deductible.


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