Ok, I think I understand...
So, the insurance claim paid me a total of $5,869.47
For the sales price of business vehicle expenses I entered $1504
($5869.47 x business percentage 0. 2563)
Am I correct so far? 🥺
If so....
Next, I get a screen that says...
Since you didn't claim depreciation for this vehicle we'll also need the vehicles total cost. The cost would normally be the purchase price. If you do not immediately use the vehicle for business the cost will generally be the fair market value of the vehicle at the time when you placed it in service.
The insurance company totalled it out so I'm assuming the amount they paid on the claim would be fair market value, correct??
So would I use the total amount they paid out, $5869.47? Or, would I only use 25.63% of that, which would be the business portion?
Thanks in advance for your help! I very much appreciate it!
Jen
