Hi, I have two questions regarding an abandoned vehicle. I am an independent contractor, and my car at the time was totaled in an accident in March. Now, my first question is, I used rental vehicles from March to June. I didn't submit the miles I've made during this time but instead added the rental fees as an expense at the end of the "Vehicle" section. Is this the way to go?
Now, since my car was totaled (stopped being used), TurboTax asks me its sale price. For the Sales Price (Business Portion Only) I submitted the insurance reimbursement multiplied by the business percentage of total use. And for the Expense of Sale (Business Portion Only) I typed 0 as it was an insurance claim and I paid nothing. On the next page, it asks me about the vehicle cost. Since I started using this car for business 4 months before the accident, I typed a value close to the market value the insurance company has given me at the time. On the next page, it asks me my gain or loss basis. And after that the depreciation equivalent. I don't know what to enter on these pages. Should I just leave them blank?
