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davidchoo
New Member

My vehicle was totaled in an accident, although it has full coverage the insurance has still not paid out yet it’s been over 4 months.

I was involved in an accident in October. The insurance made an offer but omitted several items so I declined it . They have still not made a second offer. 

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DanielV01
Expert Alumni

My vehicle was totaled in an accident, although it has full coverage the insurance has still not paid out yet it’s been over 4 months.

You may be able to claim a casualty loss.  There are rules:  you must reduce the loss by $100, and then again by 10% of your AGI.  In addition, you must be able to itemize deductions.  Since you were not reimbursed in 2017, you can claim this on your 2017 return if you choose.  Please note this caveat:  you must report as taxable income any amount that you are reimbursed in 2018 up to the amount of deduction you claim on your 2017 return.  Please see this FAQ that provides additional information:  https://ttlc.intuit.com/replies/3301959

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1 Reply
DanielV01
Expert Alumni

My vehicle was totaled in an accident, although it has full coverage the insurance has still not paid out yet it’s been over 4 months.

You may be able to claim a casualty loss.  There are rules:  you must reduce the loss by $100, and then again by 10% of your AGI.  In addition, you must be able to itemize deductions.  Since you were not reimbursed in 2017, you can claim this on your 2017 return if you choose.  Please note this caveat:  you must report as taxable income any amount that you are reimbursed in 2018 up to the amount of deduction you claim on your 2017 return.  Please see this FAQ that provides additional information:  https://ttlc.intuit.com/replies/3301959

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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