Question

If I bought a truck early in 2024,but it was totalled the same day, can I log it in too?

Forum|Forum|1 year ago
March 9, 2025
1 reply
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I bought the truck, headed for the jobsite, but a lady cut me off and the truck was totalled!

TurboTax Free Edition Online

By "log it in" do you mean expense the truck? If the truck was a business vehicle, you can set it up as an asset and dispose of it. If the amount you received from insurance was less than the cost of the truck, you will have a deductible loss. If the truck was a personal vehicle, any loss amount would be personal and is not deductible.

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