Filing Schedule C as a sole proprietor. Been using the standard mileage deduction since 2006 on a car used for business and personal (business use only about 5% a year, but varied each year). Car was totaled in August 2019. How do I calculate gain/loss and report all this in TurboTax? Here are some other numbers: Purchase price ($24,000); claimed depreciation 2006-2019 ($2,400) (calculated by pulling old tax returns and multiplying business miles times the depreciation per mile from each year!), insurance paid $7300.
And, can I use actual expenses instead of the standard mileage deduction for this year through the date of the accident?
