My car was totaled on 06/15/2020 & on 06/19/2020 a...
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fish9145
New Member

My car was totaled on 06/15/2020 & on 06/19/2020 a new one replaced it. where do I enter the info on the replacement vehicle?

 
2 Replies
Critter-3
Level 15

My car was totaled on 06/15/2020 & on 06/19/2020 a new one replaced it. where do I enter the info on the replacement vehicle?

You can no longer do a 1031 exchange for vehicles ... so you will take the first out of service and enter the new one from scratch.

Mike9241
Level 6

My car was totaled on 06/15/2020 & on 06/19/2020 a new one replaced it. where do I enter the info on the replacement vehicle?

assuming it was used in your self-employed business it would be enter on schedule C using the auto entry questions. the old vehicle would be deemed sold for the insurance proceeds (the proceeds would need to be prorated between business and personal % of use)

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