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L
LWABowler
April 11, 2025
Question

Can I deduct $14,000 plus to fix car? Accident in parking lot, person hit & left scene & hit deer. Didn't file claim. To avoid losing ins. on car paid for repairs myself.

  • April 11, 2025
  • 2 replies
  • 0 views
No text available

2 replies

DoninGA
DoninGA
April 11, 2025

Casualty and Theft losses are not deductible on a federal tax return unless the loss occurred in a federally declared disaster area.

M
Mike9241
April 11, 2025

This is not a deductible loss for federal purposes under current tax law. Even under the prior tax laws you would have had to reduce the $14K by any insurance proceeds you would have been able to recover even if you didn't file a claim.

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