- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
It depends on how you were reporting this vehicle in the past. @Anonymous_ is correct that you may have accumulated depreciation, even if you used the standard mileage rate. If so, review this post How Do I Calculate Depreciation Equivalent? Once you have the total accumulated depreciation, you can calculate your remaining value for the vehicle, which is the "sales cost" (purchase price less depreciation).
Note that if this fire was due to a federally-declared disaster, you may be able to report a casualty loss. For more info, see What if I have property that was lost or damaged (a casualty loss)?
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
‎January 19, 2023
2:08 PM