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Personal/business car was in at fault crash late 2017. Insurance settled but I replaced car Jan 2018. Is that taxable $ and how do I report the loss properly w/ no trade?
My question seemed slightly nuanced compared to others despite covering similar terroritory:
I was in an at fault accident with my personal / business vehicle in late 2017. The insurance settled and I was paid for the totaled vehicle. I put that into my bank account and started saving for an upgrade and eventually purchased a new vehicle in Jan 2018.
Because I was at fault and I didn’t replace the vehicle in 2017, as far as turbo tax is concerned did I “sell it” where I have to report that money as income, denote a sales price of the car / expense of sale, and report a basis gain / loss? And can I report any other loss for the vehicle?
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Deductions & credits
Generally you don't report car sales unless it is a collector investment.
Your insurance payout is not income.
compensated losses cannot be deducted.
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