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Old 11-25-2011, 12:16 PM
Nika Nika is offline
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Default Is storm damage to the car tax deductibe?

Our windshield was totaled by falling ice and had to be replaced (no glass coverage). The interior of the car was showered in small glass fragments so we need to have it detailed.

Is there a minimum treshhold you have to meet before you can deduct disaster losses or is this eligible? (we are itemizing)
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Old 11-25-2011, 07:03 PM
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GrimJack GrimJack is offline
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Do you normally itemize your deductions? Check here and follow up by using the IRS search box
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Old 11-25-2011, 09:43 PM
jpg7n16 jpg7n16 is offline
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Quote:
Originally Posted by Nika View Post
Our windshield was totaled by falling ice and had to be replaced (no glass coverage). The interior of the car was showered in small glass fragments so we need to have it detailed.
It's likely that this is covered by your car insurance, and if reimbursed by insurance, is not deductible for sure.

Quote:
Is there a minimum treshhold you have to meet before you can deduct disaster losses or is this eligible? (we are itemizing)
It would meet the characteristics of a 'casualty loss.' How much can you deduct? It's complicated. It has to be over 10% of AGI.

See $100 rule
Publication 547 (2010), Casualties, Disasters, and Thefts
and 10% rule
Publication 547 (2010), Casualties, Disasters, and Thefts


For more on itemized deductions see:
Tax Topics - Topic 500 Itemized Deductions
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