1. Yes, you must report that you stopped using this vehicle for your business.
2. If you didn't report this on your 2023 tax return, you can report this on your 2024 return.
3. Use 1/1/24 as the date you stopped using it. Enter no mileage for this vehicle.
4. The insurance proceeds are the "sales price" and TurboTax will figure any gain or loss for your business. Any personal gain or loss for the transaction is not reported on your tax return.
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