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Dave Levy
New Member

Vehicle for Business Use

Sole Proprietor, Using my 2016 Hyundai Vostro car for business since 2017, car was totalled on Jan 7, 2024.  Insurance gave me $11,984.58.  Originally paid around $18,000 for the vehicle.  Bought a used 2021 Toyota Prius Prime in February 13, 2924 for $27,000 for business use.  How do I handle this on Form 5695.  Do I put in the new vehicle?  How about the part for the disposition of the vehicle?  Only drive 500 miles on the old vehicle in January 2024 for business. Do I just ignore this and put in the new vehicle and the date acquired and take it from there.  What about the $11,984.58 I got for the totaled vehicle?

 

Thanks

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