you missed the note. that casualty/theft section has not applied since 1/1/2018
Note. Like-kind exchanges completed after December 31, 2017, are generally limited to exchanges of real property not held primarily for sale.
Casualty or theft. For a casualty or theft, a gain results
when you receive insurance or other reimbursement that
is more than your adjusted basis in your car. If you then
spend all of the proceeds to acquire replacement property
(a new car or repairs to the old car) within a specified pe
riod of time, you don’t recognize any gain. Your basis in
the replacement property is its cost minus any gain that
isn’t recognized.
you split the original cost 30/70
you split the proceeds 30/70
from the 30% business portion of its cost, you subtract the depreciation allowed or allowable. this is your adjusted basis for computing gain or loss on the business portion. Loss is ordinary. Gain is ordinary to the extent of depreciation. Any excess is capital gain.
if 70% of the proceeds is more than 70% of original cost you have a capital gain. a loss is not deductible.
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I don't know if Turbotax properly handles this split reporting.
