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Can I Deduct My Insurance Claim Deductible From My Tax Returns? |
Question by Arleen | Posted in United States
I had a car run into my cat-house free in 2006 and opened up an insurance claim to help cover the damage. I received only a portion of my insurance deductible back - does anyone distinguish if I can deduct the portion that I paid out of pocket on my tax returns? There was a section in Turbotax that covered accidents and expenses incurred, but I wasn't persuaded if the deductible was included? thx.
| Answer: You can take a result for an unreimbursed casualty loss, and deductibles certainly qualify as unreimbursed. Unless you paid a mountainous deductible it's probably not worth it as personal casualty losses are subject to a $100 + 10% AGI limitation. If your AGI is $45k, you'd necessity $4,600 in unreimbursed losses to get any benefit. |
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Can I Claim An Insurance Deductible From A Hit-and-run As A Deductible For My Taxes? |
Question by James L | Posted in United States
I understand theft and casualty are grounds for deductions on taxes. My parked car was hit and the individual fled the argument, causing me to pay the deductible for the repair. I filed a police report and filed an insurance claim. Can I claim my deductible expense as a reduction for my taxes?
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Auto Insurance Deductible...claim As Income At Tax Time? |
Question by ModelFlyerChick | Posted in United States
This a kinda vacuous question I guess, but not sure about it.
I was in a wreck last year and was not at fault. I paid the $500 insurance deductible out-of-centre to pick up my car from the body shop. I have yet to receive this money from my insurance company. Question: When I do pull down this money will I have to claim it as income at tax time because we are in a different calendar year? Does it proceeding that I paid it out-of-pocket, therefore, IMO, it isn't really income?
Answer: The adjustment for the insurance claim is not income. It only makes you whole again.
If you took a casualty deduction in the year of the wreck, then you would have to claim the accommodation as income. Since you don't get a 100% deduction for casualty losses, that would not be a smart way to proceed. |
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Can I Claim My Auto Insurance Deductible On My Taxes? |
Question by nstage90 | Posted in Other - Cars & Transportation
I was in a car mischance earlier this year. They hit me and then took off so I had to pay my deductible out of pocket. Can I claim that on my taxes?
Answer: You may be capable to claim the loss on your taxes. It will depend on your total income, and the amount of the deductible. You can only claim a casualty loss if the amount of the reduction exceeds a certain percentage of your income.
Consult a tax adviser for details! |
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I Lower My Car Insurance Deductible A Week Ago, Would The Insurance Company Accept My Claim Today? |
Question by nick d | Posted in Insurance & Registration
Because of the bad snowy survive we been having, I recently lower my car deductible from $1000 to $250 . My car just sliped today and hit a curve. I took it to have it checked, and the look for told me it would be around $3000 to get the car fix. Would my insurance company think that i lower my deductible after the incident happened? Would they sheathe the damage? Should i wait before trying to file the claim?
Answer: Enter the claim right away. Even if the accident happened 1 hour after you lowered your deductible, you should be covered. Didn't they take pictures of your car when you lowered it? I don't be aware if that's standard procedure or not...maybe they only do that when you buy a new insurance policy.
Anyway, the worst thing to do is be dishonest. Perceive the exact truth and you should be ok.
Of course, this also depends on your insurance company. Hopefully they won't hassle you, but even if they do, they have no virtue to refuse your claim. |
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How Do I File An Car Insurance Claim And What Exactly Will Happen To My Insurance Rate, Deductible, Etc.? |
Question by Lenora G | Posted in Insurance & Registration
My windshield was indeed frosty but I only had to drive like 20 yards to get where I wanted. So like an idiot, I start driving and run into a fire hydrant. This damages the front virtue quarter panel, the right blinker, and it may have also damaged the axel or steering column because I couldn't get my car to move after that. What do I reproach my insurance company? and am I going to have to pay anything?
Answer: well you have 2 options
call them up and document the claim, all you pay is the deductible but your insurance will go up eventually
or if you don't want your insurance to go up don't even involve them and just pay for all the damages yourself
personally i'd just troop the claim, ya the insurance will go up but its better to pay a little bit more at a time than pay a lot at once to fix the damages, then after 3 years it will come off the insurance so it will go back down again, also it might not go up all that much since all they had to fix was your car not yours and someone elses
simply if you do file the claim make sure to not have to file those types of claims a lot, the ones im talking about is like what you have, where you had an casualty but no other vehicle or property was damaged, reason i say that is if you file too many of those claims then the insurance company can call your rate more than doubled or they can just drop you and you have to find another company
oh and what do you tell them, just squeak them what happened, they'll tell you what else you need to do, i know you'll at least need an estimate from a body purchase for all the damages |
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Hurricane Rita Victims. Can You Claim Your Insurance Deductible On Your Income Tax Return.? |
Question by laytonsgrammy | Posted in United States
| Answer: Yes you can! It is part of the wastage. If the hurricane had not came you would not have had that expense. It goes under casualty of theft or loss |
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Can I Claim My Tuition And My Daughter's Health Insurance Deductible On My Taxes? |
Question by lcabrera84 | Posted in United States
I am a free mother and a full time student. I paid about 2,900 in tuition last year and paid about 3500 in salubriousness insurance deductible and co-pays and i work part-time in my family's business I only make about 9,000 a year what am I masterly to claim as a single mother?
| Answer: I do not indicate doing your taxes yourself first of all. You are eligible for many tax credits because of your income. If your child lived with you over half of the year and you paid more than half the expenditure of keeping up the home you are eligible to file Head of Household I believe. You should also be fitting for the EIC and the child tax credit. I go to Liberty Tax. They charge more but they can get you a much bigger refund than if you try and do them yourself. I used to portfolio mine on my own with Turbo Tax and I missed many of the credits I was eligible for. |
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Question by THC | Posted in Insurance & Registration
My windshield was quite frosty but I only had to drive like 20 yards to get where I wanted. So like an idiot, I start driving and run into a fire hydrant. This damages the front get even for quarter panel, the right blinker, and it may have also damaged the axel or steering column because I couldn't get my car to move after that. What do I describe my insurance company? and am I going to have to pay anything?
Answer: First this is an at blame loss. You will be required to pay for your deductible, the insurance company will pay for the repairs that exceed your deductible. If the fire hydrant was damaged, the insurance will pay for that too.
What do you outline them? What you wrote. BTW, there is no such thing as a right front quarter panel...it's the right fender, the district panel is in the rear. |
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Insurance Claim And Deductible Questions? |
Question by excusessme | Posted in Insurance & Registration
I scratched someone's car while they were parked, so it was my fault. Damages were minor. Since my car is old and I've dropped coverage on my own car (I have coverage for the other car), I have no plan to fix mine. And the other reception offered to settle on our own and not go to the insurance company.
So, the questions are:
1. If I claim to my insurance company, how much out-of-pocket do I have to pay? His deductible? Or $0 (since I am not fixing mine)?
2. Would my insurance velocity will go up even though I have a clean, no at-fault, claim for at least 10 years?
3. Is this "settle on our own" proper? And anything to watch out for?
4. What would you do if you were me?
Thanks much!
Answer: 1) If you alphabetize a claim with your insurance company, you do NOT pay anything (unless for some weird reason you have a deductible on property damage - which is pretty RARE - but sometimes seen on commercial hindrance policies.)
2) Depending on the amount of damages - but, typically the insurance company will increase your liability dividend by about 15% for three years - unless you have one of these new "accident forgiveness" programs.
3) You guys can referee to settle "on your own" but be sure that you get a SIGNED RELEASE from the other party - you don't after him coming BACK to you for every little squeek or noise that they want to attribute to the claim incident.
4) Get a a handful of of repair estimates from REPUTIBLE repair shops and then decide if it is worth turning in a claim. With these new paints, sometimes repairing the "withdraw coat" is all that's required. If you can afford the repairs and they are minor, go ahead and pay it yourself. You might even put up for sale to spring for a rental car for a couple of days while their car is in the repair shop - your insurance company would.
Stock luck and I hope this helps! |
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