Car Fire

LDP2025
LDP2025 Member Posts: 1 Newcomer
in Credits/Deductions

If my personal car was totaled in a fire, is that something to report when filing tax?

Answers

  • MatthewD
    MatthewD FreeTaxUSA Team Posts: 624
    edited 3:24PM

    Hi LDP2025,

    What you are referring to is a casualty loss. Casualty losses are only deductible if you are in a federally declared disaster area. Then they are limited to amounts more than any insurance payments. This article about casualty losses will help explain what you can and cannot deduct.

Categories