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NLAM
February 3, 2024
Question

Self Employed and I need help on a question in my vehicle.

  • February 3, 2024
  • 1 reply
  • 0 views

The vehicle I was using for both personal and business was an accident in Sept 2023. It was in the shop for the remainder of 2023 until February of 2024, my insurance decided to total my vehicle. My question is under my taxes do I fill out my loss on my vehicle for 2023 or do I wait to do it in 2024 since that is when I actually received my insurance settlement? 

1 reply

PatriciaV
PatriciaV
February 4, 2024

You can report that you stopped using the vehicle for your business on your 2023 tax return. But you'll report the "sale" for the amount of the insurance settlement in the tax year that you received the payment.

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