Comments on: We bought an RV this past year, it got wrecked shortly after. Can we claim it as a loss? http://www.thecarinsurance.net/we-bought-an-rv-this-past-year-it-got-wrecked-shortly-after-can-we-claim-it-as-a-loss.html car insurance Wed, 18 Jan 2012 20:13:58 +0000 hourly 1 http://wordpress.org/?v=3.0 By: v b http://www.thecarinsurance.net/we-bought-an-rv-this-past-year-it-got-wrecked-shortly-after-can-we-claim-it-as-a-loss.html/comment-page-1#comment-3750 v b Sun, 07 Mar 2010 05:54:35 +0000 http://www.thecarinsurance.net/we-bought-an-rv-this-past-year-it-got-wrecked-shortly-after-can-we-claim-it-as-a-loss.html#comment-3750 If the 5 payments were less than 10% of your AGI, you are out of luck. If the 5 payments were less than 10% of your AGI, you are out of luck.

]]> By: Judy http://www.thecarinsurance.net/we-bought-an-rv-this-past-year-it-got-wrecked-shortly-after-can-we-claim-it-as-a-loss.html/comment-page-1#comment-3749 Judy Sun, 07 Mar 2010 05:53:25 +0000 http://www.thecarinsurance.net/we-bought-an-rv-this-past-year-it-got-wrecked-shortly-after-can-we-claim-it-as-a-loss.html#comment-3749 You can't claim a casualty loss on your taxes for something that was reimbursed. If the reimbursement was less than the fair market value of the van at the time it was wrecked, and you itemize, then you might be able to take a casualty loss for part of the amount of FMV not reimbursed. If the FMV was reimbursed to you by the insurance company, then you have no deduction. You can’t claim a casualty loss on your taxes for something that was reimbursed.

If the reimbursement was less than the fair market value of the van at the time it was wrecked, and you itemize, then you might be able to take a casualty loss for part of the amount of FMV not reimbursed. If the FMV was reimbursed to you by the insurance company, then you have no deduction.

]]> By: notaperviemusculargent http://www.thecarinsurance.net/we-bought-an-rv-this-past-year-it-got-wrecked-shortly-after-can-we-claim-it-as-a-loss.html/comment-page-1#comment-3748 notaperviemusculargent Sun, 07 Mar 2010 05:41:48 +0000 http://www.thecarinsurance.net/we-bought-an-rv-this-past-year-it-got-wrecked-shortly-after-can-we-claim-it-as-a-loss.html#comment-3748 Not unless you used it for a business. Then it would go under disposal, selling or abandonment. The IRS would then use depreciation tables to determine if there was a deduction. If you had a business, the vehicle would have had to have been capitalized. That means the IRS doesn't allow you to take the depreciation all at once. You have to spread it out. I was looking at the IRS website and couldn't find anything to my satisfaction. Not sure if you still spread depreciation on an automobile over 5 years, or whether it is longer now. Then we are talking about only 5 / 12 of what you would have been allowed to take, since you had the vehicle five months. Anyway, it's useless to ask which quarter you bought the vehicle, and a couple other questions, because,if you had a business, I am sure you have mentioned it. Not unless you used it for a business. Then it would go under disposal, selling or abandonment. The IRS would then use depreciation tables to determine if there was a deduction. If you had a business, the vehicle would have had to have been capitalized. That means the IRS doesn’t allow you to take the depreciation all at once. You have to spread it out. I was looking at the IRS website and couldn’t find anything to my satisfaction. Not sure if you still spread depreciation on an automobile over 5 years, or whether it is longer now. Then we are talking about only 5 / 12 of what you would have been allowed to take, since you had the vehicle five months. Anyway, it’s useless to ask which quarter you bought the vehicle, and a couple other questions, because,if you had a business, I am sure you have mentioned it.

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