My car was totalled in April of 2022

[TB121P]

How do I account for a loss of my car that was totalled in April of 2022

[Vanessa A]

If it was a personal use vehicle and not a business use vehicle you do not account for it on your taxes.  The only way any part of it would be taxable is if your insurance proceeds created a profit for you.  If you had a profit, then you would enter it by selecting the following:

• Federal
• Income
• Show More next to Investment Income
• Start next to Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B) 
• Select Other
• Continue through and select Other again for the type of investment
• Answer that you bought it
• You will need to enter the insurance payment, dates and the cost basis of your vehicle

If you did not receive more than you paid for the car, then there is nothing to report. The loss is not deductible.