sanfanciscotreat
Recycles dryer sheets
- Joined
- May 19, 2011
- Messages
- 325
With a $500 deductible auto insurance policy and having a $1000 repair job, can I write off the $500 I paid from my income to reduce taxes?
auto insurance deductible
- Thread starter sanfanciscotreat
- Start date
REWahoo
Give me a museum and I'll fill it. (Picasso) Give
The slightly longer short answer (from REWahoo's link) is:
"Individuals are required to claim their casualty and theft losses as an itemized deduction on Form 1040, Schedule A (PDF) (or Form 1040NR, Schedule A, if you are a nonresident alien). For property held by you for personal use, once you have subtracted any salvage value and any insurance or other reimbursement, you must subtract $100 from each casualty or theft event that occurred during the year. Then add up all those amounts and subtract 10% of your adjusted gross income from that total to calculate your allowable casualty and theft losses for the year."
That last part is the kicker for many, I'm sure. If you're retired and near-zero income you might be able to deduct some of it.
"Individuals are required to claim their casualty and theft losses as an itemized deduction on Form 1040, Schedule A (PDF) (or Form 1040NR, Schedule A, if you are a nonresident alien). For property held by you for personal use, once you have subtracted any salvage value and any insurance or other reimbursement, you must subtract $100 from each casualty or theft event that occurred during the year. Then add up all those amounts and subtract 10% of your adjusted gross income from that total to calculate your allowable casualty and theft losses for the year."
That last part is the kicker for many, I'm sure. If you're retired and near-zero income you might be able to deduct some of it.
