Business vehicle totaled - where do I enter information

My vehicle that I use for my business was totaled in November.

1) Do I enter this under Business > Income and Expenses and if so how do I clarify that the vehicle was not sold or traded in?
2) Do I enter the vehicle under Personal > Other Deductions > Casualties and Losses?
3) Do I report the payment from the insurance company?

This one incident is the only thing tying up the completion of my return because the review always requests the following information:

Form 8824 : FMV like-kind prop rec'd must be entered.

Any help would be GREATLY appreciated!


4 people found this helpful

Show your old car as a casualty loss. TurboTax will ask for the amount of the insurance payment.
Then show your new car as a new vehicle when calculating mileage for business, etc. as if you paid for it yourself.
Do not use the like-kind exchange interview.  Show clean sale and clean buy.

To get to casualty loss, follow this path:
1. personal tab
2. deductions and credits
3. choose "explore on my own"
4. Other Deductions and Credits
5. Casualties and Thefts
Was this answer helpful? Yes No

No answers have been posted

More Actions

People come to TurboTax AnswerXchange for help and answers—we want to let them know that we're here to listen and share our knowledge. We do that with the style and format of our responses. Here are five guidelines:

  1. Keep it conversational. When answering questions, write like you speak. Imagine you're explaining something to a trusted friend, using simple, everyday language. Avoid jargon and technical terms when possible. When no other word will do, explain technical terms in plain English.
  2. Be clear and state the answer right up front. Ask yourself what specific information the person really needs and then provide it. Stick to the topic and avoid unnecessary details. Break information down into a numbered or bulleted list and highlight the most important details in bold.
  3. Be concise. Aim for no more than two short sentences in a paragraph, and try to keep paragraphs to two lines. A wall of text can look intimidating and many won't read it, so break it up. It's okay to link to other resources for more details, but avoid giving answers that contain little more than a link.
  4. Be a good listener. When people post very general questions, take a second to try to understand what they're really looking for. Then, provide a response that guides them to the best possible outcome.
  5. Be encouraging and positive. Look for ways to eliminate uncertainty by anticipating people's concerns. Make it apparent that we really like helping them achieve positive outcomes.

Select a file to attach:

Do you still have a question?

Ask your question to the community. Most questions get a response in about a day.

Post your question to the community