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One business use vehicle was totaled in an accident. To report this, I need to know how to enter: "sales price", "gain/loss basis", and "depreciation equivalent".
The car was purchased new in 2017 with no trade-in. After the crash in April 2022, the insurance company sent us a sum for the totaled vehicle. Should I use that for the "sales price"? How should I determine the "business portion" of it? For the "depreciation equivalent", I need to find business miles reported prior 2022. How do I do that? (I do have the previous years' returns. But can't seem to find any for this car. I see info for another car of ours.) Currently, at the end of the interview, it gave me a figure of "loss" and this same negative figure is listed as "sales of business property" in the income and expenses section.
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‎April 12, 2023
3:47 PM