It wants sales price (business percentage), I have no idea how to fill out this section.
A total loss accident means you "sold" it for $0. TT is trying to determine if you need to do "depreciation recapture" (even if you used the standard mileage deduction rate).
You don't need to do depreciation recapture, since you got $0.
If you got an insurance payout, then that amount is what you "sold" it for.
Thanks - I owed on the loan. My insurance paid out for that full amount, and I received a small amount additional due to the vehicle value. Would that additional amount (not the whole pay out to the loan) be what the “sales price” is?
Q. Would that additional amount (not the whole pay out to the loan) be what the “sales price” is?
A. No. The whole payout is the sales price. The fact that you paid off the loan does not mean that you didn't "receive" the money. You used the original loan to buy the car, so that is your cost basis.
In my case, my 2023 vehicle was declared a total loss, my insurance paid for the car and the GAP covered the other part since I had been paying for a very short time, my vehicle is for personal and commercial use, my question is, should I put my vehicle as sold and what amount should I put, only what the insurance paid? or is that not reported as a sale and I should just put 0?
I don't know what GAP is or what is meant by "other part". But, if it's money you received, for the car, then yes, it's included in the sales price along with the insurance payout.
The gap is an insurance that is paid when you buy a car, it ensures that if your car depreciated during the year and you have an accident, it will cover the depreciation it suffered in the market, which was my case, my car cost 36,000, I HAD ONLY PAID 1,000 for the car because I had been paying for it for 6 months, the insurance only paid 28,000 and the GAP covered the remaining money that was owed.
That's why my question is, should I put my car as if it was sold and if the amount to use is only what my insurance paid? I didn't receive any money because practically the entire value of the car was owed to the agency.