Totaled Vehicle

[JrDeb82]

I know what to do when a vehicle is totaled that you use for business purposes, but how do you report it when the insurance company totaled, you bought it back, repaired it and are continuing to use it as your business vehicle?

[Vanessa A · Accepted solution]

You would list it as a sale of the vehicle, and then you would "purchase" the same vehicle again.  This would be 2 separate transactions since you basically disposed of the vehicle and then bought the vehicle again.

To do this, you will enter the vehicle and select that you disposed of it in 2023.

Then you will go back through and select that you started using it in 2023, when you list it as basically a different vehicle even though it is not.