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I stopped Drive Uber in 2018, do I have to file a dispose of business in 2019?

But the vehicle I used to drive uber was totaled in a collision in May 2019 (after I stopped drive uber), the investigation has just done recently and they discovered that I'm not responsible for the claim, so I end up still lose money (Time, the necessity of new vehicle purchase, car rental cost, transportation cost, etc.) even though they recovered my deductible from the responsible party.

 

What is the tax situation in this case? Thanks in advance!

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1 Reply
MarilynG1
Expert Alumni

I stopped Drive Uber in 2018, do I have to file a dispose of business in 2019?

In the Vehicle Expenses section for your Business that carried over from 2018, indicate that you 'stopped using the vehicle for business' and enter date of May 2019.

 

For Sales Price, enter $0 if you received no insurance reimbursement.  If you did receive insurance money, enter that amount as Sales Price.

 

Enter your car rental fees, etc. as Sales Expenses.

 

You may have a deductible Business Loss that TurboTax will enter for you.

 

Click this link for more info on Removing Business Vehicle. 

 

 

 

 

 

 

 

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