ThomasM125
Expert Alumni

Deductions & credits

You need to add the auto in the Business Expenses section of your business if you didn't do so in the current or a prior year. Once you have the vehicle added, click on the Business Vehicle Expense option and you will see an option to edit the vehicle. Once you start to edit the vehicle, you will see an option to say you Stopped using the vehicle and you can enter the date it was destroyed.

 

Later in that routine, you will be asked to enter the sale price of the vehicle, which will be -0- or the amount of any insurance reimbursement you received. TurboTax will then calculate the applicable gain or loss on the sale of the vehicle.

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