Your vehicle should be listed in the business section
under Business Expenses
Business Vehicle Expense
First enter the 2021 expenses, select "I stopped using this vehicle in 2021".
Continue through the interview.
"Doesn't that cover depreciation?"
The Standard rate includes a portion attributed to depreciation which needs to be reported and possibly "recaptured". If it is recaptured, that amount is reported as ordinary income.
The depreciation "Built-in" the standard rate is not on depreciation reports, you need to compute it by multiplying the number of business miles you claimed by the "Depreciation Equivalent for that year.
IRS Mileage Rates
"Sales Price", "Expense of Sale",
Expense of sale would be things like commission or other fees.
Sale price is what the insurance paid out plus any salvage value you might have gotten.
Business portion is the percentage of business use you reported for the vehicle.
If that changed year to year, you'll need to average it. (add together ta\hen divide by the number of years)
So if the insurance paid you 20,000 and you used the vehicle 75% business, you would enter 15,000. (20,000 x .75)
"Basis for Gain Loss", and/or "Basis for AMT gain loss".
Enter your basis, which is usually what you paid for the vehicle, or if it was your personal vehicle first, the fair Market value on the date you started using it for business. Since you did not use it 100% for business, you again need to compute the business portion.
So if it cost 30,000, the basis would be 22,500.
Enter that same number for both boxes
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