Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Oct 14, 2022 1:33:55 PM

My car got destroyed in a accident it was not my fault I did not get a ticket is there a tax deduction for my loss?

0 3 329
3 Replies
Level 15
Oct 14, 2022 1:39:15 PM

Casualty and theft losses are not deductible on federal tax return due to the tax code changes in effect for tax years 2018 thru 2025.

Level 15
Oct 14, 2022 1:40:05 PM

Not really, unless it was caused by a federally declared disaster or it was used for business.

 

See https://www.irs.gov/taxtopics/tc515

Level 15
Oct 14, 2022 1:40:08 PM

Sorry--no.   Casualty and theft losses are not deductible on a federal return unless your  loss was the result of a federally declared disaster.

 

https://ttlc.intuit.com/questions/4482873-which-federal-tax-deductions-have-been-suspended-by-tax-reform