Business vehicle totaled - where do I enter informationMy 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!