I lost my car to a payday loan. Can I deduct that on my taxes?
I live in Illiois. I couldn’t repay my payday loan so the company took my car instead. Can I deduct this loss on my 2006 income taxes?
I live in Illiois. I couldn’t repay my payday loan so the company took my car instead. Can I deduct this loss on my 2006 income taxes?
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k_hart100 said,
January 28, 2009 @ 12:06 am
You can’t deduct stupidity or laziness on your return. NO!!
Wayne Z said,
February 1, 2009 @ 8:29 pm
No.
Having your car seized for non-payment of a loan is neither a “Casualty” or a “Theft”.
badbill1941 said,
February 3, 2009 @ 5:11 pm
I don’t think so, but it would be best to check with a tax adviser.
lilabner said,
February 4, 2009 @ 3:56 am
after spending 7 years doing taxes the answer is no you cannot claim a loss for your inability to repay a loan.
Judy said,
February 7, 2009 @ 6:27 am
No, it’s not considered a casualty loss, or any other kind of deductible loss.
ninasgramma said,
February 7, 2009 @ 3:21 pm
You did not have a loss. You repaid some or all of the loan with your car. There is nothing to deduct.