Self employed

It is considered a sale for tax purposes.  Whatever the insurance gave you for the vehicle will be the selling price.  The steps are detailed and should be followed below.

Using the vehicle section in the business activity be sure to write down all depreciation used for all prior years and the current year so you are prepared to enter the sale.

1. When you go through the vehicle section until you reach the screen 'Do any of these apply to the truck?' 
2. Select 'Your percentage of business use of the vehicle varied over the years.'
   1. Only if applicable.  If your vehicle was 100% business do not select this.
3. On the next screen select 'Yes' you converted this asset to nonbusiness use'
4. Finish the vehicle section.
5. Now you are ready to enter the sale of the vehicle under Sale of Business Property (not the business activities).
6. To record the sale of a business asset (vehicle) outside of the business/asset entry.
7. Sign into your TurboTax account:
   • Under Business Income and Expenses >Less Common Business Situations > Sale of Business Property Start or Revisit > Enter your sale (TurboTax CD/Download)
   • Under Wages and Income > Other Business Situations > Sale of Business Property (TurboTax Online)
8. See images below (TurboTax CD/Download will look similar)