I drive for a timeshare on the side. In November I had a car accident and the car was deemed as totaled. I received a payout on the car which was about $5000 more than what I owed, which was then used towards the purchase of a car which I have not driven yet for the timeshare since I'm on disability. How do I handle this? In TurboTax 2019 I mark the car as not being used from the date of the accident and the system is asking for the Sales Price (Business Portion) and the Expense of Sale (Business Portion). Is the Sales price what I got back from the insurance company and the expense what I owed to the bank?
I am also getting asked the Prior Depreciation Equivalent and the AMT Prior Depreciation Equivalent even though I previously used the standard deduction.
I have no idea what to put in here. Since I have not driven since the accident am I better off indicating I drove the car all of 2019, or if I do that am I going to have the same problem in 2020 when I restart?
Thank you for your help!
