Question

how do I enter information on a car i totaled in an accident

Forum|Forum|5 years ago
March 13, 2021
1 reply
0 views

No text available

Employee

If the vehicle was used in your business and you were claiming actual expenses, you would mark it disposed of and enter the insurance received as the sale price.

Otherwise, you would not enter the information.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

C

ceng51Author

I went back to claim expenses for the totaled vehicle to where I could enter the amount of the insurance check amount and it came out with a gain instead of a loss. I was not able to buy a new car and the insurance company paid most of the loan amount and Gap insurance paid some leaving a balance of 1484.00 for me to pay. How do I show this car as a loss?