I really need help figuring out how to file all the right values in the right places! TTAX Self Employed isn't very friendly on this one!
Here's the situation. I drive rideshare/delivery as my only income. I started the year in one car, let's call it a Chevy. I drove about 12k miles for work and about 1k personal until May, when the engine blew. (Connecting rods broke and it punched holes in the engine block.)
Since it wasn't insured for this, I received no insurance payments, and since it wasn't worth the repair costs, I sold it as-is for about $3500 soon after. Before the engine blew, it was worth about $8000.
In July, I bought a used Prius for $6000. Through the rest of the year, I used it for business (12k miles) and personal (6k miles).
Because of COVID, I didn't need a car to go anywhere, so I didn't rent a car. In fact, I only needed to book an Uber once, before getting a replacement. No other expenses, except for a towing charge.
So, I assume I have a casualty loss on the Chevy, but I don't know how to handle the fact that I stopped using it last year for business (and personal), sold it for salvage value of $3500, lost $4500 in the value of the car, and how to split the various numbers between business and personal use, and what to put on what forms. TTAX SE isn't helping either.
Can anyone help?
