Can depreciation value of personal vehicle used for work that gets in accident be deducted

It depends on if you are a W-2 employee, or if you are self-employed and were using your personal vehicle for both personal reasons and work.

 

If you are a W-2 employee, no, there's no deduction available.

 

If you're self employed, you'll need to ad the vehicle and related expenses and answer the questions about how much you used it for work and personal time to figure the business use percentage. You can indicate you stopped using it in 2024 to figure the loss.

 

Here are the steps in TurboTax Online:

 

1. Navigate to Federal > Wages & Income > Self-employment income and expenses
2. Edit your business 
3. Choose add expenses for this work
4. Choose Vehicle and Continue
5. Vehicle now appears in the list of expenses, choose the pencil icon to the right of vehicle expenses
6. Answer the interview questions about the vehicle, and enter the related expenses.