Can I Claim A Casualty Loss From My Auto Accident That Totally Demolished My Car?
The amount of your unreimbursed loss may be deductible. The deductible calculation is reported on IRS Form 4684. The deduction would be the amount of the loss, minus any insurance reimbursements minus $100 minus 10% of your Adjusted Gross Income Limitation. If the accident was caused by your driving drunk, then the deduction is disallowed.
Note If you need professional help with "Casualty Losses" or have other tax questions, we can help you find a local licensed CPA for a free, no-obligation consultation.