I am preparing my schedule C and I have a business vehicle that was in an accident that was a total loss. What is the Sales Price to enter for when we stopped using it?

[MichaelMc · Accepted solution]

If you received an insurance settlement for the vehicle you no longer use for business, the amount of the settlement would be considered the "sales price" of that vehicle.

If you did not receive an insurance settlement or any other form of compensation, the value of a vehicle that has been declared a total loss is zero.

[ajquarry]

Thank you!