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E
erchughes
Level 1
April 15, 2026
Question

IF MY 2015 REAL ESTATE VECHICLE WAS A TOTAL LOSS IN MARCH 2025 AND I REPLACED IT, HOW DO I APPLY TO THE TAX RETURN?

  • April 15, 2026
  • 1 reply
  • 54 views
Listed Property gain or loss for a total loss accident. How do I add this to my tax form?

1 reply

V
Vanessa A
Level 15
April 15, 2026

You would list it as disposed of or stopped using. To enter the disposition of a business asset take the following steps:

  1.  go to the Self-Employment section and select edit next to your vehicle. 
  2. Go through the steps and check the box that says I stopped using this vehicle in 2025
  3. You will need to say you sold this vehicle
  4. When you are asked for the sales price enter any insurance payouts you received. 
  5. Continue through answering the questions so that the property and any payouts can be properly allocated this will give you the gain or loss on the disposal
     

The amount you can deduct as the basis will be limited by:

  • value of the car versus depreciation taken
  • Insurance payout
  • percent of use for business versus personal

Since you have been using it for 10 years, it would have $0 value for the asset if you have been depreciating it over time.  

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