Tax Time

[Illnasty]

Just an FYI for others since o didn't know this. My 2002 Yukon was considered totaled last year. I did buy it back and got it fixed but it's considered a loss for tax purposes. So if anyone got their vehicle totaled or stolen, just let your tax man or women know.

 

[inmypassatlife]

how so? I had a car totaled last year. I do my own taxes

 

[Illnasty]

how so? I had a car totaled last year. I do my own taxes

Talk to your accountant. It's considered an unexpected loss and it's tax deductible.

My account asked what I originally paid, how much did the insurance company pay me, and what the vehicle was worth. For me it was a difference of $400 and I got that back.