I lost my car to a payday loan. Can I deduct that on my taxes?
Wednesday, August 11th, 2010 at
2:56 pm
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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You did not have a loss. You repaid some or all of the loan with your car. There is nothing to deduct.