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My husband totaled our car that we had been using for business. It keeps wanting to know how much we sold it for because we are no longer using it. It wants a gain or loss.
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June 11, 2020
12:45 PM
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Business & farm
A forced disposal of an asset (such as a car that is totaled) is treated the same as a sale.
How much did you get in insurance for the car - that's generally your sales price.
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June 11, 2020
1:05 PM
277 Views
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Business & farm
The fact is, you did sell the car..... to the insurance company. Your sale price is whatever your insurance paid out.
June 11, 2020
3:14 PM
269 Views