My business/personal vehicle was totalled in a collision on 11/30/18. I began using a friend's car the following week. Insurance settled and I purchased a replacement vehicle in January 2019. I owned both the totalled car and the one I purchased out right. All but $100 of the settlement was used for the purchase of the replacement vehicle. How do I file this incident on my return. I did not sell the totalled vehicle or trade it in for that matter. TurboTax goes into depreciation and % of business use. I've been using the standard vehicle expense for years on this vehicle. Doesn't that cover depreciation? Thank you in advance.
