How to report a stolen vehicle that is used for business and personal use
I had a vehicle stolen that I used part-time as an independent contractor. We purchased a brand new vehicle outright prior to receiving a settlement from the insurance company after the old vehicle was recovered. We didn't trade in any vehicles. Since this vehicle is only use part-time as a business vehicle (roughly 25% of the time for business), does it qualify to do like-kind exchange or should I claim it as a sale of property to the insurance company since it was not a trade-in or give away? I have taken the standard deduction for business use on the vehicle since 2015 and owned it since 2007. Thanks!