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This is a question about Taxes?
13 May 2010one of my friends mentioned this to me.
Is this true??
If you file an automobile insurance claim last year are you allowed to claim your deductible on your taxes?
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2 Responses to This is a question about Taxes?
v b
May 13th, 2010 at 4:35 pm
Not really.
The deductible would be a casualty loss. The IRS would have you deduct $100 per casualty; add up the casualties and then subtract 10% of your AGI; anything remaining would then be added to your itemized deductions. If your itemized deductions are higher than the standard deduction, then and only then would you see a difference in your taxes.
If you had 1 accident, a deductible of $500 and an AGI of $10,000, you would have nothing left. ($500 -$100 – $1000 = 0)
Judy
May 13th, 2010 at 5:02 pm
Probably not, but maybe.
If you itemize, it might be possible to take a casualty loss deduction for part of the amount you actually paid, depending on the cause of the accident and the amount of the deductible. Your deduction would be a maximum of the amount you actually paid out of pocket, minus $100, then minus 10% of your adjusted gross income.
If you don’t itemize, then no, you can’t take a deduction.