Possibly.
Did you receive insurance reimbursement for your car? Was it used exclusively for business or part personal and part business?
Any insurance reimbursements will need to be deducted from the amount of the loss and personal use will need to be prorated against business use. You cannot take a deduction for any part of the personal use portion of the vehicle value.
As you walk through the business section of TurboTax, you will be asked about your vehicle. You will need to answer Yes, to did you stop using it in 2022. TurboTax will then guide you through the steps of claiming the loss of the vehicle as well as entering insurance reimbursements.
Yes the car was financed and had full coverage but that paid off most of the car and I have a few payments left I had the vehicle for 2 months 90% was used for my bussiness and 10 percent personal. So I can add this when I put in my 1099 I got my delivery on the app I was using
Yes, you will add your car as a vehicle expense when entering your 1099. However, be sure you read the questions and enter the insurance reimbursement as the amount it was sold for. You must report the amount that you received from insurance even though you used it to pay off the loan.
The loan amount (plus any cash you paid or vehicle you traded in) would be the cost of the vehicle.