My business/personal vehicle was totalled in a collision. Insurance settled and I purchased a replacement vehicle. I used all of the settlement to purchse a new vehicle. TurboTax goes into depreciation and % of business use. I used the standard vehicle expense for this vehicle. Doesn't that cover depreciation? Please help! I have no idea what to enter in the "Sales Price", "Expense of Sale", "Basis for Gain Loss", and/or "Basis for AMT gain loss". Would someone please explain! Thank you in advance!
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