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    #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
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    #2
    Originally posted by SueBaby View Post
    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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