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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.
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?
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