I lost my auto to a payday loan. Can I deduct that on my taxes?

Date: Tue, 10/21/2008 - 07:08

Submitted by anonymous
on Tue, 10/21/2008 - 07:08

Posts: 202330 Credits: [Donate]

Total Replies: 2

I live in Mississippi.
I couldn't repay my payday loan so the company took my auto instead.
Can I deduct this loss on my income taxes?

I'm assuming that this was actually a title loan...where you bor

I'm assuming that this was actually a title loan...where you borrowed money against your car title.

I'm not a tax expert by any means but I don't see how you could right off your car on your income tax since I don't think it has anything to do with your income.

lrhall41

Submitted by debrag_25 on Tue, 10/21/2008 - 07:35

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pdl

I agree. I don't think you can do that. Because you put your car up for collateral, for the loan. PDL's can be horrible!! Just curious..what state do you live in?

lrhall41

Submitted by sdchargers_63 on Tue, 10/21/2008 - 07:48

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