Disaster: Property Tax and Tropical Storm Imelda

[Visitor User 253]

Hello. I am filing my 2019 Federal return.

 

My car was flood damaged during Tropical Storm Imelda. I sold it. 

I bought another car and paid taxes on it. 
 

As a Permanent Resident do I have report that my car was damage during the disaster and that I paid taxes on a car I bought?

 

Would I get any tax relief?

Edited June 12, 2020 by Visitor User

[Crazy Cat 41,845]

Not mandatory to report.  You can list it as an itemized deduction if you want.  It would help if your total itemized deductions are greater than the standard deduction.

Edited June 12, 2020 by Lucky Cat

[Visitor User 253]

2 hours ago, Lucky Cat said:

Not mandatory to report.  You can list it as an itemized deduction if you want.  It would help if your total itemized deductions are greater than the standard deduction.

Standard deduction is most likely to give me a bigger refund.

[Crazy Cat 41,845]

19 minutes ago, Visitor User said:

Standard deduction is most likely to give me a bigger refund.

OK.  Then there is no need to worry about listing the sales tax you paid.

[databit 328]

Technically,  you should report the income you received from the sale of the car.

[Visitor User 253]

6 hours ago, databit said:

Technically,  you should report the income you received from the sale of the car.

It’s mandatory?

[Crazy Cat 41,845]

21 minutes ago, Visitor User said:

It’s mandatory?

Only if you sold it for more than you paid for it.

[Visitor User 253]

On 6/13/2020 at 8:35 PM, Lucky Cat said:

Only if you sold it for more than you paid for it.

No. Bought it 2013 and sold in 2019. Not for profit.