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sdchasse
New Member

My car is business & personal but was totaled in an accident. Received $ from insurance. Put a part of Ins.$ on financing a new car. Do I use the tradein?

I am confused on what to use since I didn't actually trade it in.  It was no longer usable due to an accident.   I was able to get a loan on another vehicle and used some of the insurance $ as a down payment.  All this happened within about a 2 week time period.    

2 Replies
michaelhennessey
Level 2

My car is business & personal but was totaled in an accident. Received $ from insurance. Put a part of Ins.$ on financing a new car. Do I use the tradein?

Go to view and take form view. Open and fill out one auto asset worksheet for each vehicle.
Unless you received more than the car was worth there is no gain, no tax.
michaelhennessey
Level 2

My car is business & personal but was totaled in an accident. Received $ from insurance. Put a part of Ins.$ on financing a new car. Do I use the tradein?

No longer true for 2018 taxes

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