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Totaled business used car, received reimbursement, started lease agreement for the new car without any down-payment, is this reimbursement money completely gain?
In 2016 my business used car was totaled in a car accident and I received reimbursement paycheck of cca $7000 from the insurance. Ten days after I purchased another vehicle through an lease agreement ($5000 buy out after 3 years) but I didn't have to put any money in right away. How I should file this $7000 for the year 2016? Is it completely gain or I can deduct some of it since I started having weekly payments of $234?
