turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

lisa19
New Member

If my personal/business vehicle was totaled, 0% my fault, insurance company paid off loan and paid us remainder of value, we bought a new car, where do I enter it?

 
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply

If my personal/business vehicle was totaled, 0% my fault, insurance company paid off loan and paid us remainder of value, we bought a new car, where do I enter it?

 Enter that you sold the car, using the total insurance payout for loan plus residual as the selling price.  Depending on how much you used it in business, what kind of expense deduction you took, and the difference between the original purchase price, any depreciation you claimed, and the insurance payout, you may or may not have a taxable event. 

Then in a separate step, add the new vehicle.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies