The amount I got paid on the total loss of a vehicle by the insurance is based on the FMV minus the deductible on my insurance. The TT is assuming this is sales and asking me about the business portion of the sales price etc. The payment I received from insurance does not even allow me to replace or repurchase the exact same car. Should not there be a deductible loss here and not a capital gain etc. to lower and not increase my taxes? What are the correct steps in TT home and Business desktop edition to correctly account for this vehicle total loss and insurance payment?
