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How do I claim a wrecked (mostly business use) vehicle that was junked, not sold, and no insurance payout

Title pretty much says it all. Work van hit ice and got rolled Feb. of 2023. Went straight to the junkyard. Due to age of vehicle it only carried liability so there was no insurance payout, just a switch to new vehicle when I got it.

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1 Reply
KrisD15
Expert Alumni

How do I claim a wrecked (mostly business use) vehicle that was junked, not sold, and no insurance payout

Was the vehicle listed as a business asset? 

Did you use actual expenses or the standard mileage rate?

 

What was the basis of the vehicle when you put it into service? (that would have been your cost or the fair Market value when you started using it for business (whichever was less).

 

Did you keep track of the percentage business use (Business miles divided by total miles each year)?

How much depreciation did you take? 

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