Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 2
posted Apr 11, 2024 12:33:31 PM

Can I get a deduction for a business vehicle that was totaled in a traffic accident

0 1 2949
1 Replies
Expert Alumni
Apr 14, 2024 8:59:54 AM

If it is a business vehicle that is solely owned by the business, you may be able to deduct the value less depreciation less any insurance that you recover.

If it is a private vehicle that you have written business miles of of, No, there is no business deduction for the loss.

 

Please contact us again with any additional questions or to provide some additional details.