loan,banking and credit
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I lost my car to a payday loan. Can I deduct that on my taxes?


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?

You did not have a loss. You repaid some or all of the loan with your car. There is nothing to deduct.You can't deduct stupidity or laziness on your return. NO!!
no
No.

Having your car seized for non-payment of a loan is neither a "Casualty" or a "Theft".
I don't think so, but it would be best to check with a tax adviser.
after spending 7 years doing taxes the answer is no you cannot claim a loss for your inability to repay a loan.
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