I live in Illiois. I couldn’t repay my payday loan so the company buy online acomplia took my car instead. Can I deduct this loss on my 2006 income taxes?
I Lost My Car To A Payday Loan. Can I Deduct That On My Taxes?
8 Responses to “I Lost My Car To A Payday Loan. Can I Deduct That On My Taxes?”
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You did not have a loss. You repaid some or all of the loan with your car. There is nothing to deduct.
no
No.
Having your car seized for non-payment of a loan is neither a “Casualty” or a “Theft”.
No, it’s not considered a casualty loss, or any other kind of deductible loss.
after spending 7 years doing taxes the answer is no you cannot claim a loss for your inability to repay a loan.
I don’t think so, but it would be best to check with a tax adviser.
You can’t deduct stupidity or laziness on your return. NO!!
yes