Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

I am a physician who needs 25 hours of CME credits every…

Customer Question
I am a physician...

I am a physician who needs 25 hours of CME credits every year to maintain my Missouri license to practice, to pubish books and maintain a website for profit "Ask a Neuropsychiatrist." I travelled from St Louis to Chicago to earn those hours, and while returning home after the educational conference, car met with an accident, due to horrible weather. Damage to car almost $8,000. Can I deduct it in my tax return?

Accountant's Assistant: Which tax year is the deduction for?

2018

Submitted: 21 days ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 2 minutes by:
5/1/2018
Tax Professional: Lev, Tax Advisor replied 21 days ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,845
Experience: Taxes, Immigration, Labor Relations
Verified

Yes - that damage may be deducted as a casualty loss.

As long as not compensated by your insurance.

Let me know if you need any help with reporting.

Ask Your Own Tax Question
Tax Professional: Lev, Tax Advisor replied 20 days ago

Generally, you may deduct casualty and theft losses relating to your home, household items, and vehicles on your federal income tax return. You may not deduct casualty and theft losses covered by insurance, unless you file a timely claim for reimbursement and you reduce the loss by the amount of any reimbursement or expected reimbursement.

A casualty loss can result from the damage, destruction, or loss of your property from any sudden, unexpected, or unusual event such as a flood, hurricane, tornado, fire, earthquake, or volcanic eruption.

Casualty losses are deductible in the year you sustain the loss, which is generally in the year the casualty occurred.

Individuals are required to claim their casualty and theft losses as an itemized deduction on Form 1040, Schedule A.pdf, Itemized Deductions.

For property held by you for personal use, you must subtract $100 from each casualty or theft event that occurred during the year after you've subtracted any salvage value and any insurance or other reimbursement. Then add up all those amounts and subtract 10% of your adjusted gross income from that total to calculate your allowable casualty and theft losses for the year.

Report casualty and theft losses on Form 4684.pdf, Casualties and Thefts. Use Section A for personal-use property and Section B for business or income-producing property.

Let me know if you need any help with reporting.

Ask Your Own Tax Question
Was this answer helpful?
Ask Lev Your Own Question
Lev
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,845
32,845 Satisfied Customers
Experience: Taxes, Immigration, Labor Relations

Lev is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,495 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,272 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
IRS Tax Question: Casualty Loss from Hurricane Disaster:
IRS Tax Question: Casualty Loss from Hurricane Disaster: Basis: $165,000 Reimbursement from Insurance: $179,541 Repairs so far, $30,000, but unknown what it's going to be. How is the $30,000 in repair… read more
Lev
Lev
Tax Advisor
32,845 satisfied customers
VA form asks for adjusted gross income (disability form). We
VA form asks for adjusted gross income (disability form). We file joint; can we separate his income from mine for the form? How? … read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
I have heard that a person cannot itemize deductions on
I have heard that a person cannot itemize deductions on their taxes for 2019? I am a widow (age 74) and have usually itemized. Please let me know if I will be unable to do this in 2019. The only Feder… read more
Bill
Bill
Master's Degree
2,278 satisfied customers
My son's itemized deductions are more than his capital
My son's itemized deductions are more than his capital gains. … read more
Lev
Lev
Tax Advisor
32,845 satisfied customers
We have a small farm and in the past have itemized deduction
Hi, we have a small farm and in the past have itemized deduction and filed Schedule F. This year it would be more advantageous for us to take the standard deduction and not itemize. Can we do that? … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I am filing as a single with itemized deductions. If my
I am filing as a single with itemized deductions. If my income is $150,000, is my tax simply 28% of the total or does it get calculated as 18,713.75 plus 28% of the difference between 150,000 and 91,9… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,117 satisfied customers
Adjusted gross income of 79084, single, over 65. How much is
adjusted gross income of 79084, single, over 65. How much is my tax … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,117 satisfied customers
I have Adjusted Gross Income of 4332., I had kind of a lean
I have Adjusted Gross Income of 4332. , I had kind of a lean year with me using some savings, I do not have a record of how much. It takes about 10,000 to help me through a year like this I do not kno… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,117 satisfied customers
I have a question on itemized deductions. I purchased a
I purchased a house in 2017 in New Mexico. My builder provider me with the gross receipt tax I paid as part of the purchase and want to know if it's tax deductible. … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,117 satisfied customers
Tax question: For casualty losses due to hurricane Harvey,
Tax question:For casualty losses due to hurricane Harvey, if all personal possessions were destroyed and you don't want to claim safe harbor, do you have to list each item (hundreds), should it be in … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
1,027 satisfied customers
My adjusted gross income is $13,539. $8560 from a pension
My adjusted gross income is $13,539. $8560 from a pension from my ex-husband, $14204 from SS and $4706 from a bank I retired from which I will no longer be receiving. Do I need to pay taxes on my Soc … read more
Lev
Lev
Tax Advisor
32,845 satisfied customers
Can I use as an itemize deduction the property for 2017 paid
can I use as an itemize deduction the property for 2017 paid after January 1, 2018 … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,272 satisfied customers
To what extent is cataract surgery an itemized deduction.? I
To what extent is cataract surgery an itemized deduction.? I opted for the non-covered multi-focal lenses at a cost of $8,050. … read more
Carter McBride
Carter McBride
LLM
1,050 satisfied customers
2015 returns- filing head household-itemizing deductions 2
2015 returns- filing head household-itemizing deductions 2 loans for tools paid on that year for business expense-25k-can I claim lump some for that year? 1 loan paid on house mortgage for employee to… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,205 satisfied customers
Are funeral expenses deductible on IRS personal return? My
Are funeral expenses deductible on IRS personal return? … read more
Lev
Lev
Tax Advisor
32,845 satisfied customers
If my adjusted gross income is less than 10,000.00 dollars
If my adjusted gross income is less than 10,000.00 dollars I'm single over 65 not working anymore do I need to file a tax return?? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,272 satisfied customers
Can I submit the federal taxes with an itemize deduction and
Can I submit the federal taxes with an itemize deduction and the state with a standard deduction form? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,272 satisfied customers
Under the new tax plan if my federal adjusted gross income
Under the new tax plan if my federal adjusted gross income is $77,230.00 how much are my federal taxes? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,117 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x