@ThomasM125
Not sure what happened to my last reply, so if it shows up for some reason along with this one, I only did this one a second time since it was missing when I originally posted it.
On our 2018 taxes I split its use 50/50 with my wife. In 2019 until it was totaled, I used it 100% of the time for business. So I guess I need to split it again 50/50 since it was like that for the prior year. Due to health reasons she can no longer drive it, even prior to the accident. But since we split it in 2018, I guess I just need to go ahead and do it again (and list the new vehicle only on my return this year, going forward).
But TurboTax states that I have a gain in the sale of this vehicle, which I don't understand. The check we got from the insurance company was, again, $20,221.81. We were paying a total of $36,000 (total final financed priced of vehicle, or should I use the cash price without the financing?), the business portion that we received in that sale price was 1559.10. So I don't understand fully understand how they say I have a gain on the sale of the vehicle. How is that figured up?
