Totaled vehicle?

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  • SueBaby
    Senior Member
    • Jan 2006
    • 555
    #1

    Totaled vehicle?

    Has anyone ever heard of deducting the deminished value of your vehicle on your taxes when your vehicle is totaled out???? A client wants to know since he heard about it. I haven't---yet.
    SueBaby
    Tags: None
    • ChEAr$
      Senior Member
      • Dec 2005
      • 3872
      #2
      Originally posted by SueBaby
      Has anyone ever heard of deducting the deminished value of your vehicle on your taxes when your vehicle is totaled out???? A client wants to know since he heard about it. I haven't---yet.
      Sounds like a tax deductible casualty loss to be adjusted by insurance proceeds, value
      of scrap value of vehicle (unless insurance company got that), and the 10% haircut.
      ChEAr$,
      Harlan Lunsford, EA n LA

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