urbutlergirl asked:
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?
Tags: Car Loan, Company Car, Lost, Payday Loan
July 25th, 2008 at 10:25 am
You can’t deduct stupidity or laziness on your return. NO!!
July 29th, 2008 at 2:31 pm
No.
Having your car seized for non-payment of a loan is neither a “Casualty” or a “Theft”.
July 31st, 2008 at 8:12 am
I don’t think so, but it would be best to check with a tax adviser.
August 3rd, 2008 at 4:21 pm
after spending 7 years doing taxes the answer is no you cannot claim a loss for your inability to repay a loan.
August 4th, 2008 at 9:25 am
No, it’s not considered a casualty loss, or any other kind of deductible loss.
August 7th, 2008 at 1:38 am
You did not have a loss. You repaid some or all of the loan with your car. There is nothing to deduct.