Do I report a GAP payment on my taxes

[callme_chico]

I have a car that was 100% used for business purposes, and it was totaled while being in use for the business. Fortunately, I had full coverage and GAP insurance on the car and these were paid out to me by my insurance. My question is since the vehicle was all for business, do I have to report the vehicle as a loss on my taxes or how do I report this incident in my taxes?

[M-MTax]

The same as if you sold the car to the insurance company for the insurance payout. It's a sale of business property.