Claiming the loss of a vehicle that was used for personal and business use. Do i claim that loss as a personal loss or a business loss?

Our car was totaled in november from an accident. The car was used for both business (travel to/from work/school and for my wife to get her teaching supplies and another expenses as well). Do I claim this loss under personal property or "Income producing property" (We dont use an LLC or anything like that, we do not OWN a business)

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New Member

Jun 6, 2019 2:34:51 AM

If your loss was not covered by insurance it is probably safer to claim it as a personal loss. It would be possible to enter it as two losses depending on the business use percentage, but that is kind of a "red flag" and could be questioned by the IRS.

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Claiming the loss of a vehicle that was used for personal and business use. Do i claim that loss as a personal loss or a business loss?