urbutlergirl


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?

10 Responses to “I lost my car to a payday loan. Can I deduct that on my taxes?”

1. kitty on June 3rd, 2009 2:08 pm

   yes

2. k_hart100 on June 6th, 2009 6:27 am

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

3. cork on June 8th, 2009 12:15 pm

   no

4. Wayne Z on June 8th, 2009 4:16 pm

   No.

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

5. badbill1941 on June 9th, 2009 12:50 pm

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

6. lilabner on June 12th, 2009 6:14 pm

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

7. Judy on June 14th, 2009 1:43 pm

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

8. ninasgramma on June 14th, 2009 9:16 pm

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

9. melisa on August 31st, 2009 12:48 pm

   IF YOU ARE LOOKING FOR A LOAN,CONTACT ME AT melisa_loanlendersfirm@yahoo.com

10. melisa on August 31st, 2009 12:56 pm

    AAPLY FOR A LOAN NOW,THIS IS A LOAN COMPANY THAT IS LOCATED IN MADRID SPAIN SO I WILL WANT YOU TO EMAIL ME AT melisa_loanlendersfirm@yahoo.com

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