turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

ceng51
Returning Member

how do I enter information on a car i totaled in an accident

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies
AmyC
Employee Tax Expert

how do I enter information on a car i totaled in an accident

If the vehicle was used in your business and you were claiming actual expenses, you would mark it disposed of and enter the insurance received as the sale price.

 

Otherwise, you would not enter the information.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
ceng51
Returning Member

how do I enter information on a car i totaled in an accident

I went back to claim expenses for the totaled vehicle to where I could enter the amount of the insurance check amount and it came out with a gain instead of a loss. I was not able to buy a new car and the insurance company paid most of the loan amount and Gap insurance paid some leaving a balance of 1484.00 for me to pay. How do I show this car as a loss?

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question