Cash_Before_Payday » I lost my car to a payday loan. Can I deduct that on my taxes?

I lost my car to a payday loan. Can I deduct that on my taxes?



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?

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This entry was posted on Tuesday, December 30th, 2008 at 4:27 pm and is filed under I Need A Payday Loan But I Have Other Outstanding Loans. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

« What happens/what should one do when a company doesnt even have a persons w4\’s and takes taxes out?

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

  1. k_hart100 January 3rd, 2009 at 7:43 am

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

  2. Wayne Z January 4th, 2009 at 7:42 am

    No.

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

  3. badbill1941 January 7th, 2009 at 8:10 am

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

  4. lilabner January 8th, 2009 at 3:38 am

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

  5. Judy January 11th, 2009 at 3:04 am

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

  6. ninasgramma January 13th, 2009 at 5:04 pm

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

  7. Best Cash Loans June 26th, 2010 at 6:29 am

    A payday loan is also often called a cash advance loan.
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