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Article Date:
June 2013


Word Count:
1174

 

 

Ouch! Vehicle Totaled! Tax Benefits to Know


Wrecking your vehicle is never a good thing.

 

But both wrecking your vehicle and missing out on your tax benefits is even worse.

 

Corporations and individuals face the same rules on the business part of the totaled vehicle.

 

But on the personal-use part of the vehicle,

 

·

the individual has a personal casualty loss, whereas

·

the corporation has no personal part. It has a 100 percent business vehicle.

 

Involuntary Conversion

 

Tax law calls the wreckage and totaling of your vehicle both an involuntary conversion and a casualty. Apt descriptions!

 

The Check

 

When you have insurance and you total your vehicle, the insurance company will keep the vehicle and give you or your corporation a check for the pre-accident value of the vehicle.

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