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ANOYES
February 21, 2024
Question

Loss on Vehicle - Sole owner 1120S

  • February 21, 2024
  • 1 reply
  • 0 views

Purchased a vehicle for the business 2023 - it was totaled in 2023. Insurance did not reimburse full amount so we have a loss of $12k - where do I report this? Line 5?

1 reply

M
Mike9241
February 21, 2024

To report a business loss on a vehicle that has been totaled for US tax purposes, follow these steps:

  1. Form 4684: Begin by completing Form 4684, Casualties and Thefts. This form is used to report casualty and theft losses. For your situation, focus on Section B, which pertains to business or income-producing property

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