Payday Loan Consolidation

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 Wednesday, December 16th, 2009 at 3:46 am and is filed under loan consolidation. 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.

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

1. kitty on December 16th, 2009 at 4:11 am

   yes

2. k_hart100 on December 16th, 2009 at 5:11 am

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

3. cork on December 16th, 2009 at 6:03 am

   no

4. Wayne Z on December 16th, 2009 at 6:13 am

   No.

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

5. badbill1941 on December 16th, 2009 at 6:30 am

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

6. lilabner on December 16th, 2009 at 7:20 am

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

7. Judy on December 16th, 2009 at 7:28 am

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

8. ninasgramma on December 16th, 2009 at 7:49 am

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

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