In your case, you need to enter the vehicle that was wrecked first. TurboTax will guide you through entering all of the information you need in this section. After that, you will enter your second vehicle and the expenses related to it.
For vehicle expenses, you choose between the standard mileage rate or the actual cost method where you track what you paid for gas and maintenance. For either method, you need to report your business miles, total miles and commuting miles.
To get started in this section:
- Open your return and select the Federal Taxes tab.
- Select Wages and Income on the second tier of tabs.
- Select I'll choose what I work on, on the right.
- Scroll down to Business Items near the bottom of the list.
- Find Business Income and Expenses (Sch C), click Start to the right.
- Answer the first question Yes.
- Enter your business income and any relevant expenses on the screens that follow.
- Watch for the Vehicle section to enter your car expenses.
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