I signed a contract to purchase for $800 a truck, put $300 into the vehicle, and though I provided the bill of sale and all papers I had to the registry, they told me they were unable to provide a title, and the person who had my money left the state and was untraceable by me or the registry. Since I couldn't get title, I finally had to let it go as parts only for $300.
Can I write this off on Schedule D? It took over 9 months to come up with any solution. I still have no vehicle, and only unemployment for the first 5 months of the year, something off the top of the income would sure help.