One business use vehicle was totaled in an accident. To report this, I need to know how to enter: "sales price", "gain/loss basis", and "depreciation equivalent".

[Brae09]

The car was purchased new in 2017 with no trade-in. After the crash in April 2022, the insurance company sent us a sum for the totaled vehicle. Should I use that for the "sales price"? How should I determine the "business portion" of it? For the "depreciation equivalent", I need to find business miles reported prior 2022. How do I do that? (I do have the previous years' returns. But can't seem to find any for this car. I see info for another car of ours.) Currently, at the end of the interview, it gave me a figure of "loss" and this same negative figure is listed as "sales of business property" in the income and expenses section.  

[KrisD15]

Yes, report the insurance payout as the sales proceeds. 

TurboTax cannot determine your business portion, you have to. Divide the number of business miles by total miles driven. 

Example, vehicle was driven 24.000 miles and 18,000 were business miles. (18,000 / 24,000 = .75) vehicle portion would be 75% or the selling proceeds/insurance payout. 

You would check your vehicle log for the miles you claimed each year. You can also reverse engineer by taking the Standard Mileage you received  and dividing by the rate that year.

Example, for 2019 you had a 5,800 deduction. the rate was .58, so you drove 10,000 business miles. 

In Tax Year 2019, the Depreciation Equivalent was .26. 10,000 miles X .26 = 2,600 Depreciation.

Perhaps you were not able to claim this vehicle on past returns. 

The original cost less depreciation is the adjusted basis. 

The insurance payout less adjusted basis is the depreciation recapture. (if the payout is less than the adjusted basis, there is no depreciation recapture, and there would be a loss). 

Depreciation Equivalent 

2017.................. .25

2018................... .25

2019................... .26

2020................... .27

2021................... .26

2022................... .26