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    Re: Damages to Leased Vehicle

    Posted by Title to property is important on 11/20/08

    Planning to buy something is not the same as actually having
    bought it or having title to it and having a FMV appraisal
    performed for that property.

    It sounds like you took a deduction that only an owner of
    title to the property can legally take.

    You don't own a leased vehicle, you are really renting the
    car. You cannot claim a reduction in value in something you
    don't own. Does that make sense?

    On 10/28/08, GregM wrote:
    > 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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