Can I deduct the value of a vehicle damaged in an accident?
Generally, you can deduct some of the loss on your vehicle from an accident. Just remember If the car's covered by insurance, the amount of loss will be reduced by any insurance reimbursement.
This loss is called a "casualty loss" – damage, destruction or loss of property from a sudden, unexpected or unusual event. TurboTax will let you explore itemized deductions to see if it is right for your situation.
- Type "casualty loss" in your program's search box.
- Click the "Jump to" link in the search results.
- Follow the onscreen instructions.