in a car cash and vehicle was totaled I was half way finished paying for the vehicle, can I count the loss or the tax on the new vehicle?

Asked by Angel, 19114 Thu Jan 21, 2010

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Don Tepper, Agent, Burke, VA
Thu Jan 21, 2010
No.

Why would you be able to?

Whoops. Sorry, I'm not an accountant. Check with an accountant.

If the other party was at fault, his/her insurance should pay for some of your losses. And if you were at fault, your insurance should. If the car was used for business, you may have some additional options. Again, check with your accountant.

But just because someone makes a mistake doesn't mean it's tax deductible.
0 votes
Anna M Brocco, Agent, Williston Park, NY
Thu Jan 21, 2010
Refer your question to your tax consultant, he/she will best guide you. Sorry to hear about your accident.
0 votes
Sean Dawes, , Philadelphia, PA
Thu Jan 21, 2010
Angel,

Sorry to hear that. As far as a tax question, this is really left for an accountant not a realtor as we are not certified tax specialists.

ps. hope you are ok :)

Sean Dawes
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