Auto Insurance Tax Deductible
Can I claim my car on my insurance tax deductible?
I was in a traffic accident this year. They beat me and then took off and I had to pay my deductible out of pocket. Can I claim that on my taxes?
You may be able to claim the loss on your taxes. This will depend of their total income and the amount of the deduction. You can only claim a casualty loss if the amount of loss exceeds a certain percentage of their income. Consult a tax advisor for more details!
