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Old 11-24-2007, 02:08 PM
luckyc1423 luckyc1423 is offline
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Default Had motorcycle stolen...only had liability so insurance did not cover it..is...

...the loss tax deductable? Got motorcycle stolen, only had liablity insurance so this was not covered...I have been reading articles that said it is tax deductable if the amount exceeds 10 percent of my AGI. so if I make 50k and the loss is 10k....I should be able to tax deduct 5k...am I doing this right or is it even tax deductable?


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Old 11-24-2007, 02:08 PM
penhead72 penhead72 is offline
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I don't believe it's tax deductable. I've been riding my entire life and I've neve heard of anyone deducting or even trying to deduct it.

Sorry to hear about your loss. You should have had full coverage on the bike if it was worth that much.
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Old 11-24-2007, 03:03 PM
Joe4d Joe4d is offline
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it has been a while but you are on the right track, I do believe it is an itemized deduction so you would still need other deductions to make it worthwile, I am sure there are other limits involved.
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