Oh yes, I know it's one or the other; we've always used ONLY the standard mileage deduction, from year 1 in service! Just making sure it was OK to switch to actual expenses for 2019 INSTEAD of the standard deduction!
But how is gain/loss calculated and how does this get entered into TurboTax? Using the Car and Truck Expenses Worksheet linked to Sch C, I checked : "I stopped using this vehicle in 2019" and entered the date of the accident. Answered the relevant use questions...then skip ahead to fields asking for the Sales Price (business portion), which I think is where I should enter the business percentage of the amount insurance paid, but business percentage changed each year, do I use 2019 percentage? Next fields, TurboTax asks for Basis for Gain/Loss (enter 100% of basis) -- what figure should I use here and on the next line, AMT basis?
