Although it was not actually sold,
In a sense, it was sold..... to the insurance company. It can be reported as such too, keeping in mind any depreciation recapture.
@larry510
I believe I have fully depreciated its value. There was no insurance payout on the vehicle, however the vehicle is estimated to be worth $1500.
If it's fully depreciated, you have nothing to claim at all. Claiming a $1500 loss would be double-dipping. Simply work through the vehicle and the easiest thing to do is to indicate you gave it away. That way, there's no depreciation recapture.
