Question
Vehicle for Business Use
Sole Proprietor, Using my 2016 Hyundai Vostro car for business since 2017, car was totalled on Jan 7, 2024. Insurance gave me $11,984.58. Originally paid around $18,000 for the vehicle. Bought a used 2021 Toyota Prius Prime in February 13, 2924 for $27,000 for business use. How do I handle this on Form 5695. Do I put in the new vehicle? How about the part for the disposition of the vehicle? Only drive 500 miles on the old vehicle in January 2024 for business. Do I just ignore this and put in the new vehicle and the date acquired and take it from there. What about the $11,984.58 I got for the totaled vehicle?
Thanks
