My fianceé car was stolen, can it be used as a tax exemption or write off while filing taxes?
Okay well I did some type of research and a few websites says yes he actually can and then others says no he can’t. It was a used Niissan about a 2000 and someone stole it last night. He used it mainly to go back and forth from work and hes even done carpools as well. There was a cd player, gps system, an ipod and a spare tire in the trunk I believe. However he’s been adding on parts to the car as well which needed to be fixed from time to time (he isn’t that great of a driver) headlights, brake lights and a paint job as well.
My question is can he use his stolen car as a tax write off or a exemption??? Are there any stolen/theft write off that exist while filing taxes?
Thank You
You need to have your fiance police report shows every thing. AND Get form 4684 (casualty or theft loss) There are a lot calculations and facts to be entered such as: The original value of the car, the market value at the time of theft, if the car was recovered, what is the value of the car now, if the insurance paid any thing or not?….. etc
Addition to this, your fiance should entered the result of this form on line 20 of schedule A of form 1040. That means if he does not have enough and other deductions such as Mortgage, Property tax, Local tax,s to beat the standard deduction, it will not be much of any help.
Flexible Work Hours and CarpoolKY
