The IRS Deductions Blog

Posts Tagged ‘500 deductible auto insurance’

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Auto Insurance Advice : How Does Auto Liability Insurance Work?

Question: Can I claim my auto insurance deductible on my taxes?

I was in a car accident earlier this year. They hit me and then took off so I had to pay my deductible out of pocket. Can I claim that on my taxes?

Answer: You may be able to claim the loss on your taxes. It will depend on your total income, and the amount of the deductible. You can only claim a casualty loss if the amount of the loss exceeds a certain percentage of your income.

Consult a tax adviser for details!

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Libby High School vandalized again

Canda Harbaugh/The Western News Extensive damage to student lab computers at the high school was discovered Monday.

Auto Insurance Deductibles

Question: How does a deductible work for car insurance?

I was driving home from work and I was already in my apartment parking garage and about to park my van when I do not know how when I turned right I heard a horrible noise. The right rear part was hit by a wall and now my beautiful black van has a lot of white scratches. I pay full coverage and the collission coverage pays up to $20000 but it says that there is a $500 deductible. Do I have to pay that amount even if labor costs less then that? or I have to pay the $500 only if the cost of fixing the van is more than $20000. What do I have to say when reporting the accident?

Answer: You would have to pay the first $500 of any repairs, and then your insurance would cover beyond that, up to $20,000.

You should tell them just what happened. You were parking and accidentally struck the wall and damaged the the back of the vehicle.

If the cost of repairs is going to be less than your deductable, you’d be better off not even telling them since it could raise your rates.

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Insurance is wrong place for a small business to skimp

Business insurance is one of those expense items that small business owners often look to trim in an effort to save money. Our advice — look elsewhere.

RNC Delegate Video DVD #1 – 10 of 14