Deductions & credits

Yes. The following information will show you how to report the disposition of the vehicle and how to report the sale. Insurance payment is the selling price, do not adjust any cost of the new vehicle for any trade in amount or the insurance payment.

The standard mileage rate (SMR) has a depreciation component. Use the information below to arrive at the sales price, cost plus expense and depreciation. In the vehicle asset select it was converted to 100% personal use, also Sold, traded, disposed of.....

@KrisD15 has provide the depreciation component of the SMR and the chart is included here.

1. Total all of the business miles for the life of the vehicle
2. Total all miles on the vehicle for the life of the vehicle
3. Business miles divided by total miles = Business Use Percentage for the life of the vehicle
4. Take the original cost of the vehicle x the business use percentage = Business Cost
5. Take the sales or insurance payment x the business use percentage = Business Sales Price
6. Calculate all of the business miles by year with the rate in the SMR for depreciation (chart attached) to arrive at the total depreciation considered used by the IRS.

Next enter your Sale of Business Property (do not enter any sales information in the vehicle asset)

1. Income at the top
2. Scroll down to Other Business Situations
3. Select Sale of Business Property
4. Select Sales of business or rental property that you haven't already reported.
5. Answer 'Yes' to Do all of the following apply...?
6. Enter your sales information, do not make an entry for depreciation (no zeros)
   1.  Description of the Property (Vehicle made/model/year)
   2. Sales Price/Sales Expenses 
   3. Date acquired and date sold
   4. Cost
   5. Depreciation

@kyssmm1