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My car was totaled in an accident. do i have to enter that somewhere?
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My car was totaled in an accident. do i have to enter that somewhere?
If the car was a personal vehicle, there is no deduction available for that - it is considered a nondeductible personal loss.
However, if the car was used a business vehicle that you have been depreciating, you should go through the information on the vehicle that has been carried forward from prior years in the business section.
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