How do I account for loss of a vehicle? Filing 1099-NEC it asks if I stopped using vehicle in 2024. It was a total loss accident, It was sales?

[kyssmm1]

My 2023 vehicle was declared a total loss. I used the standard mileage deduction from 2022 to 2024 for the vehicle declared a total loss and I don't know what I should enter for the trade-in. My insurance paid for the car and the GAP covered the other part, Turbotax has:

1. Depreciation at 100% of business use,

2. AMT depreciation at 100% of business use,

3. Total actual depreciation deducted

4. Total actual depreciation deducted from AMT.

[KrisD15]

To clarify, what was your business use percentage? Was it used 100% business use or was it also available for personal use?

What is the 109-NEC reporting? Something in relation to the car or just self-employment income?

When you use the Standard Mileage rate, depreciation is build-in to the rate. TurboTax can't figure it, you need to multiply the miles claimed by the "Depreciation Equivalent" for that year.

2022 it was .26 per mile

2023 it was .28 per mile

2024 it was .30 per mile

You'll also need to take your cost and multiply that cost by your business percentage. 

This would have been the value of the vehicle that you used when you placed the vehicle into service. 

[kyssmm1]

Ok yes, the percentage is 70% business use and 30% personal use, understanding how I should do the depreciation. Now my question is, do I have to state that the vehicle was sold? Since it was declared a total loss due to the accident and the insurance was the one that paid for it.