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How do I report vehicle that became a total loss on my Schedule C?
Bought a van to use for business and I knew it needed some repairs. As I drove it, I discovered is needed way too much work and I couldn't even sell it. I ended up donating it. I just need to know how or where to report what I spent on the van. Should I just use depreciation?
It was a 2nd vehicle purchased 100% for business
3 Answers
- ?Lv 61 decade ago
Repairing the van would be a business expense, if it really was used "for business."
- troLv 71 decade ago
if you did depreciate it, you will determine what your loss is when you have calculated the cost, the depreciation and what you eventually got out of it
if you know what the charity is allowing you for it, that is what you got out of it
you will use form 4797 to determine your loss if you depreciated it
