If you suffer property damage during the tax year as a result of a sudden, unexpected or unusual event, you may be eligible to claim a casualty deduction for your property loss. Typically, the property loss is caused by a car accident in which you are not at fault or the result of extreme weather such as tornadoes and hurricanes. However, the casualty deduction is also available if you are the victim of vandalism.You may be eligible to claim a casualty deduction for your property loss if you suffer property
You may have options to use OEM (Original Equipment Manufacturer, like Ford, Honda, etc.) parts versus rebuilt or after-market parts. This decision may affect price, but it may also affect the quality of the repair. Discuss this with a trustworthy body shop professional.The most insurance companies use is simple:
If your car is declared a total loss due to hail but you wish to keep driving it, you may be able to get your insurance provider to pay you the difference between the vehicle&#39s value before the damage occurred and its salvage value, minus your deductible. Beware though: You may need an inspection before the car is allowed back on the road, and your title will be forever branded, making it potentially difficult to insure.
Since you will most likely be selling the vehicle to a private party, our advice is to use the price you paid for the salvage-title car as a starting point in your sale negotiations. If you&aposve driven the vehicle for a few years, deduct a couple thousand dollars. Test the market with a price higher than what you have in mind and work your way down until you get the offers you&aposre looking for.
The best way to determine how extensively the car was damaged is to look at the original repair estimate. This will show you what parts were replaced and how serious the accident was — or if there was an accident at all. Maybe the happened in some other way.