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How do I account for loss of a vehicle? Filing 1099-NEC it asks if I stopped using vehicle in 2024. It was a total loss accident, It was sales?
My 2023 vehicle was declared a total loss. I used the standard mileage deduction from 2022 to 2024 for the vehicle declared a total loss and I don't know what I should enter for the trade-in. My insurance paid for the car and the GAP covered the other part, Turbotax has:
1. Depreciation at 100% of business use,
2. AMT depreciation at 100% of business use,
3. Total actual depreciation deducted
4. Total actual depreciation deducted from AMT.
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March 9, 2025
5:25 AM