My husband totaled our car that we had been using ...
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New Member

My husband totaled our car that we had been using for business. It keeps wanting to know how much we sold it for because we are no longer using it. It wants a gain or loss.

 
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Expert Alumni

My husband totaled our car that we had been using for business. It keeps wanting to know how much we sold it for because we are no longer using it. It wants a gain or loss.

A forced disposal of an asset (such as a car that is totaled) is treated the same as a sale.

 

How much did you get in insurance for the car - that's generally your sales price.

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Level 15

My husband totaled our car that we had been using for business. It keeps wanting to know how much we sold it for because we are no longer using it. It wants a gain or loss.

The fact is, you did sell the car..... to the insurance company. Your sale price is whatever your insurance paid out.

 

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