I was involved in a not-at-fault accident which resulted in the insurance declaring my vehicle a total loss in 2023. I used this vehicle for both personal and business use since 2019. The insurance company paid off my lender and sent me a check for the rest. I used some of that money towards the purchase of another vehicle that is also being used for both personal and business use. I have used the Standard Mileage deduction every year.
Because my business mileage varied over the years, I'll pulled my old records/returns to verify previous mileage to determine by Business Portion Percentage (44.78%). So, my confusion comes when TT asks for the Business Portion of the Sales Price and Expense of Sales. I've read a couple of different answers so I'm not sure if I'm supposed to use the insurance reimbursement amount (business portion) or the original purchase price (business portion). Expense of Sales? When I get to the Vehicle Total Cost am I correct to think that I need to take the original purchase price and multiply it by 44.78% to get the business portion?
