Blue Book Cost on Loss

[Donanita]

Client came in with a blue book cost they got of the internet for a auto that they wrecked.
Can this be used as the FMV of the auto for purposes of a causality loss.

[veritas]

There usually is more than one valuation for autos in these guides. One might be trade in value, another private party. Other factors might be the area you live in and condition of the vehicle before the accident.

Similar cars listed in the local classifieds can be useful.

I explain the rules to them and use the value given to me generally.

[jainen]

really stupid

Remember that no deduction is allowed for a loss caused by willful negligence. Maybe it's just the people I know, but usually they don't total their own car unless they were drunk, mad, or really stupid.