I am independent contractor for Uber/Lyft, during the year car in accident and was declared total loss. Insurance paid fair market value and gap insurance covered the difference. How do I record this in my business income and business section? I checked that I stopped using this vehicle in 2017. Not sure what to list as "Sales Price" and "Expense of Sale"?
Do I list sales price as what Insurance paid for it? Also lists the question Expense of Sale, which I did not have any so I know to enter zero for that.
It them prompts me to enter in Vehicle Total cost which I am listing the original price I paid when I purchased the vehicle including all taxes. Is this accurate?
