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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 585
Experience:  10 years experience
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My 1996 Toyota Previa Van was totaled in a head-on collision

Customer Question

My 1996 Toyota Previa Van was totaled in a head-on collision on May 30, 2016. I used this van to get to-from work, training classes, etc. I didn't "trade it in" for a "new car". Question: What do I put for the FMV like-kind Rec'd figure?
JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?
Customer: As a result of the crashed, I had to fix my 1988 Toyota Corolla Wagon and used it for the rest of the year.
Submitted: 2 months ago.
Category: Tax
Expert:  Brian Michels replied 2 months ago.

Hello. My name is ***** ***** I'll be the Expert assisting you today. I look forward to helping you with your issue today. Are you an employee who was using your vehicle to drive to and from work? I don't believe you would be entitled to a tax deduction if the vehicle was not used in a trade or business (which is different than using for personal purposes and to drive to/from your place of employment). Please contact me with any questions.