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Can a Repossession Cost be a Tax Deduction?

Bankruptcy Law There are no specific tax deductions when a lender repossesses your vehicle. Repossessions and foreclosures are handled, for tax purposes, just like any other financial gains or losses from a sale or exchange. This means you may be able to deduct the loss from your income but you may also owe taxes on any part of the debt the lender cancels. The calculation of gain or loss from repossession is complicated, and involves balancing the initial price of an item, cash outlays, loans taken and value of the item at the time of repossession. The use of the item (for business or personal use) also is a factor. The end result can be either a deductible loss, a nondeductible loss or a taxable gain. 

Was your car repossessed? We can help! Contact us online or call The Law Offices of Jacoby & Jacoby at 631-289-4600 to schedule a FREE consultation to discuss your individual situation and all of your options.


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