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!
  • I have the same problem.
    Is there an answer for this problem?
    Thanks in advance
  • Same problem! turbo tax you do not give enough info to explain this without me paying more! also you were unable to import my prior year depreciation yet 3 screens before i get a "we have enough info to calculate your prior year depreciation" ???
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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
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