October 4, 2018 Justin Petty

Diminished Value Claims – Income Tax Benefits

can you file diminished value on income taxes

Let me make this really clear up front: We are not tax professionals!

We do not give tax advice. We are simply pointing you to information to aid in your research when filing your taxes after taking a loss in value after an auto accident.

Did you know that casualty losses are deductible from your income taxes?

In Topic 515 on the IRS’s website, it discusses the types of losses that can be claimed on your income tax.

Diminished value is specifically listed!

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