Can I take a deduction on my 1040 for the value of a auto stolen from me?

My vehicle was stolen last Saturday; recovered Sunday. It was TOTALLED! Rather than donating to Charity, can I write off as LOSS on my 1040? I itemize on the 1040A. 

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  • 1 month ago

    As long as the insurance didn't pay you, you can itemize this as an uninsured loss.   If they paid you (likely, since you say it's totalled) then you CANNOT write it off. 

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  • Anonymous
    1 month ago

    No. You chose not to have full coverage.

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  • Edna
    Lv 7
    1 month ago

    About the only way you can write-off the car and claim it as a loss on your 1040 is if the car is owned by your business and is driven only for business-related purposes. You can't claim it as a personal loss. 

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  • May
    Lv 5
    2 months ago

    You may be able to deduct "casualty losses" but since the vehicle was recovered there is no casualty loss.  If you want to give it away You may be able to claim a charitable contribution..... But..... "Itemized" deductions have been replaced by a more generous "Standard" deduction so the "standard" deduction may be more generous than trying to claim the donation as a itemized deduction.  You cannot do either on a 1040 A though.

    You are asking in the wrong Y/A category though.  You need to ask in the Y/A Tax category to get a better answer.

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  • Scott
    Lv 6
    2 months ago

    It sucks for you that you only had liability coverage. Let me guess - your car wasn't worth paying for collision and comprehensive coverage, but now it's suddenly valuable enough to try to write the loss off?

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  • 2 months ago

    You can write off a percentage of the loss in value (what it was worth minus the value of what was recoverd), minus the usual exclusions that apply to all casualty and theft losses.

    • Coffee Drinker
      Lv 7
      1 month agoReport

      Casualty and theft loss deductions were eliminated 2 years ago

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  • 2 months ago

    Nope,

    For tax years 2018-2025 the casualty loss deduction has been eliminated.

    Even if the deduction were available, there were several limitations on the deduction which made it completely worthless to the vast majority of situations.

    If you donate the car to a charity you would be able to deduct the current value - which if the car has been totaled is the scrap value (about $500 for most vehicles). You can only take that deduction if you itemize.

    If you had comprehensive insurance on the vehicle then file a claim with your insurance provider. If not, then you're out of luck.

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  • Brian
    Lv 7
    2 months ago

    Well, since there is NO LONGER any 1040A, knock yourself out.

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  • 2 months ago

    I believe you have to be a business to do that.  Besides the auto insurance TOTALS CARS JUST BECAUSE THE AIR BAG WENT OFF.  An old woman with a heavy purse could hit the bumper and TOTAL YOUR CAR.  It is not damaged, just that the air bag came out.  That is how lazy auto insurance has gotten.  Showing me just a perfectly good inside of the vehicle, means replace the air bag and it is good again.Now if the steering wheel was in the rear seat or out the back window, then the Utility pole WON....THAT CAR IS probably damaged beyond repair (maybe).   Some of these STILL can be fixed.

    MECHANIC 40+yrs

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    • Edna
      Lv 7
      1 month agoReport

      If all you had was liability coverage, then you're out of luck all the way around. When you carry only liability, you are (in a sense) placing NO value on your car. Liability covers only the other car in an accident - it doesn't cover your car. 

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  • 2 months ago

    only if you have a receipt. i mean you could do this but you'd risk getting audited and the amount lost probably  wouldn't make a significant difference on your overall return anyway. 

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