Car accident tax deduction

[northyork]

What is the name of your state (only U.S. law)? Arkansas

Are any of the expenses that were incurred as a result of a car accident deductible? I know that under certain rules, the loss in value of the car is deductible but how about car rental expenses that were not reimbursed from the insurance company?

Thanks

 

[FlyingRon]

First off, you can't deduct the change in FMV if the accident was your fault.
The first $100 (per event) and 10% of your AGI (per year) can not be taken as a casualty loss. You can deduct what you did to reasonably repair the car, but your ancillary charges such as rental is NOT allowed.

 

[northyork]

Thank you!