RV Insurance
RV Insurance
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www.exploerrv.com RV Insurance, with Explorer RV Agency
We bought an RV this past year, it got wrecked shortly after. Can we claim it as a loss?
Okay we bought an RV, due to a manufacturer problem it wrecked while taking vacation. We had already made 5 payments on it at the time. The insurance company paid it off but our question is can claim it at a loss?
Thanks in advance for your answers.
The insurance company paid off the balance but we did not get reimbursed for the first 5 payments. We only had it 5 months when a manufacturer error caused it to crash. Luckily we did not hurt.
What is AGI?
Only uninsured casualty losses can be claimed. Since the insurance company paid the claim only your deductible would be eligible. Due to the way that casualty loss deductions are calculated it’s highly unlikely you’d have anything to claim.
If the amount of your deductible, less $100, less 10% of your AGI is still a positive number, THAT is what you can deduct.