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I lost my car to a payday loan. Can I deduct that on my taxes?

urbutlergirl asked:

I live in Illiois. I couldn’t repay my payday loan so the company took my car instead. Can I deduct this loss on my 2006 income taxes?
Asked on: 2009-02-05 04:13:21

6 Comments

  1. k_hart100 says:

    You can’t deduct stupidity or laziness on your return. NO!!

  2. Wayne Z says:

    No.

    Having your car seized for non-payment of a loan is neither a Casualty or a Theft.

  3. badbill1941 says:

    I don’t think so, but it would be best to check with a tax adviser.

  4. lilabner says:

    after spending 7 years doing taxes the answer is no you cannot claim a loss for your inability to repay a loan.

  5. Judy says:

    No, it’s not considered a casualty loss, or any other kind of deductible loss.

  6. ninasgramma says:

    You did not have a loss. You repaid some or all of the loan with your car. There is nothing to deduct.

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