My personal car for delivering orders was stolen late last year. I got it back but it can't be driven. Is this a business loss and if so how do I report it on my taxes?
My personal car for delivering orders was stolen late last year. I got it back but it can't be driven. Is this a business loss and if so how do I report it on my taxes?
It's part business and part personal unless you used your car 100% for business.
Here's how to enter this in TurboTax:
Type casualty loss in Search in the upper right
Click Jump to casualty loss
Say Yes on Casualties and Thefts?
On Casualty or Theft Event enter a description and date. Choose either Personal Property or Income-Producing Property
Your cost basis will be the percentage you used for either personal or business. For example, if you paid $20,000 for you car and used it 50/50, your personal cost basis would be $10,000 and your business cost basis would be $10,000
After you compete either the Personal Property or Income Producing Property section, complete the other section to enter the rest of your car.