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Author: edcosoft Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121585  
Subject: Re: Taxable gain on a stolen gifted car Date: 2/10/2007 6:03 PM
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A quick question on my first year itemizing taxes.

Details-

My mother gifted me a car upon graduation in 2003.

It was stolen Dec. 26th, 2006.

I received insurance reimbursement for the Dec. 2006 NADA car value in Feb. 2007, which is a reasonable estimate of FMV of the car at the time of the theft.


If you were reimbursed for the FMV of the car you have no tax deduction, particularly after the deductible and your Itemized Deductions would have to exceed your Standard Deduction to be worth anything.

ed
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