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    Post: Damages to Leased Vehicle

    Posted by GregM on 10/28/08

    In section A form 4684, Casualties & Thefts, I claimed a
    deduction due to Reduction in fair market value (FMV) of a
    car I had in 2006 because of each major accident it was in -
    it was a lease vehicle but I was planning to purchase it
    after the lease was up.

    In my Tax audit, the Auditor said that I cannot claim the
    reduction in value of the vehicle because it was a lease.
    The car was totaled in the next tax year so I obviously did
    not have the chance to purchase it anymore.

    Is it true that I cannot claim the loss in FMV of the
    vehicle given that I was planning to purchase it later on?

    Posts on this thread, including this one
  • Damages to Leased Vehicle, 10/28/08, by GregM.
  • Re: Damages to Leased Vehicle, 11/20/08, by Title to property is important.

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