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14 November, 09:40

Sonia's car was completely destroyed in an accident that was her fault. her loss was $8,500 and her insurance company reimbursed her $6,500. what amount of casualty loss can sonia claim on her return (before deduction limitations)

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  1. 14 November, 10:05
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    I would say that the amount she can claim on her income tax would be $8500-6500 or $2000 ie the amount of loss-amount she was reimbuunrsed or her net loss and this would then form her actual loss for income tax purposes but she probably couldn't claim this unless it was a business expense the use or partial use of her car for her business.
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