J.K. Lasser's 1001 Deductions and Tax Breaks 2018 by Barbara Weltman

Author:Barbara Weltman
Language: eng
Format: epub
ISBN: 9781119380399
Publisher: Wiley
Published: 2017-09-29T00:00:00+00:00

Pitfalls

You may not deduct your loss if damage resulted from your willful conduct. For example, if you crash your car while under the influence of alcohol, you cannot claim a tax loss for your car damage.

Certain car accidents and related costs are not deductible. These include:

Costs you pay for damaging another person's vehicle. However, if the damage arose in the course of your business (for example, you were driving between 2 business locations), then the loss is deductible as a business loss.

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