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Get your taxes done using TurboTax
If you had a vehicle for business use and it was totaled, you would say that you "disposed of" it. Any insurance proceeds will be considered the amount that you "sold" it for. If you received insurance proceeds, the amount received will be your "sales" amount. If you purchased a replacement vehicle, it would be what you "traded" for the old vehicle.
March 15, 2021
1:35 PM