PatriciaV
Expert Alumni

Get your taxes done using TurboTax

Yes, if you received an insurance settlement for the vehicle you no longer use for business, the amount of the settlement would be considered the "sales price" of the old car.

If you don't have the original purchase documents for the vehicle, you might check your copy of the first tax return where you claimed the business use of the car. The workpapers should contain the purchase price you entered for the vehicle that year.

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