My business/personal vehicle was totalled in a collision on 11/30/18. I began using a friend's car the following week. Insurance settled and I purchased a replacement vehicle in January 2019. I owned both the totalled car and the one I purchased out right. All but $100 of the settlement was used for the purchase of the replacement vehicle. How do I file this incident on my return. I did not sell the totalled vehicle or trade it in for that matter. TurboTax goes into depreciation and % of business use. I've been using the standard vehicle expense for years on this vehicle. Doesn't that cover depreciation? Thank you in advance.
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why do you think there is anything to report? if it was your personal car and as such any loss (after the insurance) is not deductible
Not looking at deductibles at all. It was used as business and personal. TurboTax is asking how it was disposed and doesn't give a "totaled in wreck" option.
In the 'Tell us about your vehicle' screen, indicate that date that you stopped using it in your business, then go from there. Can you include a screenshot of the screen you are looking at?
Thank you for your response...I did post screen shots but it may have been under comment instead of reply.
Somebody please help. I need to know how to handle this situation. There are no options in TurboTax for a vehicle involved in a collision. Thank you in advance.
This vehicle was both my personal and business vehicle. I'm not looking for any deductions. It just seems that TT needs an answer to the disposition of the vehicle. The truthful answer that it was involved in a collision is not an option. I can skip through all those questions and still file. Is that ok?
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