Turbo Tac is asking for date sold and amount paid for a vehicle that was stolen

[KazeeFullford]

I own rental property. I have a handful of vehicles that I use exclusively to manage or maintain this property. I have been writing off registration fees, maintenance, mileage etc. off each year for each of these vehicles.

In 2021, one of these vehicles was stolen. A police report was made up. The vehicle was never recovered. No insurance claim was filed due to the low value of the vehicle.

While entering information pertinent to this vehicle, I indicated to TurboTax that the vehicle was taken out of service in 2021. Turbo Tax is now asking "What day was the vehicle sold?" and "How much was it sold for?" I have so far left these fields blank as they don't apply to my situation. The "Smart Check" that Turbo Tax runs before e-filing brings up three errors related to this particular vehicle:

AMT dep allowed/allowable must be entered

Date Sold must be entered

Depr allowed or allowable must be entered

How do I reflect my situation in turbo tax such that these errors no longer pop up? Deleting the vehicle's information from my tax return is an option. Its value and costs would have little impact on my tax return. I'd rather not do that though since I am trying to report this theft as a loss on 2021's taxes.

[LudwigVan_fan]

I'll provide you with some links to help you understand what needs to happen in TT:

https://www.irs.gov/taxtopics/tc515

https://www.irs.gov/pub/irs-pdf/p584b.pdf

https://www.irs.gov/pub/irs-pdf/f4684.pdf

https://www.irs.gov/instructions/i4684

In the end, you deduct your remaining basis in the vehicle and it ends up on Form 4797.  Since it is business property and not personal property, it should be deductible.

How to enter it in TT, I'm not exactly sure as I'm not an expert in TT...was an expert in taxes. 

[ThomasM125]

You would enter $0 for the sale price of the vehicle and the sale date would be when it was stolen. If you didn't take any special depreciation on the vehicle, the AMT depreciation would be the same as regular depreciation, which should appear on the screen when you report the sale of the vehicle. If not, and you are using the desktop version of TurboTax, you can look at the Car and Truck Expenses worksheet for the vehicle. The total allowed depreciation will be line 37 (prior depreciation) plus line 38 (depreciation deduction.) 

Another option would be to look on the depreciation form 4562 for each year you depreciated the vehicle and add up the depreciation, it will be listed on line 26 or 27.