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My Business Vehicle was in an accident and totaled
I stopped using my business vehicle in 2021 because it was involved in an accident and was determined to be a total loss. I did not stop using it to use it for personal use, I did not sell it or trade it in. What are the steps in reporting this? I am stuck in the sections asking for "sales price" "vehicle cost" "gain or loss basis" and "calculate depreciation equivalent" any help would be much appreciated
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March 10, 2022
9:02 AM