Question

I have 2 trucks . One of my truck is a loss. Can I claim a loss .

Forum|Forum|1 year ago
April 2, 2025
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It depends. Did you have a loss on a truck because you sold it at a loss, or because it was damaged or stolen?

If the truck is a personal use truck, no deduction is allowed for selling it at a loss. In addition, there is no longer a deduction for casualty losses on Schedule A for the Federal return for personal property unless the loss was due to a Federally declared disaster.

If the truck was used in a Schedule C business, then you would report its sale, or its loss due to a casualty.

See this help article and this tax tips article for more information about casualty losses.

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