I own rental property. I have a handful of vehicles that I use exclusively to manage or maintain this property. I have been writing off registration fees, maintenance, mileage etc. off each year for each of these vehicles.
In 2021, one of these vehicles was stolen. A police report was made up. The vehicle was never recovered. No insurance claim was filed due to the low value of the vehicle.
While entering information pertinent to this vehicle, I indicated to TurboTax that the vehicle was taken out of service in 2021. Turbo Tax is now asking "What day was the vehicle sold?" and "How much was it sold for?" I have so far left these fields blank as they don't apply to my situation. The "Smart Check" that Turbo Tax runs before e-filing brings up three errors related to this particular vehicle:
AMT dep allowed/allowable must be entered
Date Sold must be entered
Depr allowed or allowable must be entered
How do I reflect my situation in turbo tax such that these errors no longer pop up? Deleting the vehicle's information from my tax return is an option. Its value and costs would have little impact on my tax return. I'd rather not do that though since I am trying to report this theft as a loss on 2021's taxes.
