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I have a question for rolling over insurance proceeds from a…

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i have a question for rolling over insurance proceeds from a auto rec
Submitted: 4 months ago.Category: Tax
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Answered in 1 minute by:
12/5/2017
Tax Professional: Tax.appeal.168, Tax Accountant replied 4 months ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 4,558
Experience: 3+ decades of varied tax industry exp. Tax Biz owner
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Hello. Thank you for choosing this Q&A service for assistance. My name is***** can possibly assist you. What is your question?

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Customer reply replied 4 months ago
in 2015 I purchased 3 vehicles.Nissan NV
RV
Ford TruckAll got totaled and I got insurance proceeds.I also bought a new nissan with the proceeds. I need help with the journal entries
Customer reply replied 4 months ago
2nd time using this. So its $52 to discuss over the phone and get the correct journal entries?
Tax Professional: Tax.appeal.168, Tax Accountant replied 4 months ago

Yes, that is correct, $52 for the telephone call. However, if you do not require a telephone call, we can communicate via this thread. As for the journal entries, the insurance proceeds are entered as Other Income for the business.

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Customer reply replied 4 months ago
I bought another like kind vehicle and rolled the insurance proceeds to that purchase to avoid reporting the gain. So its not other income.
Tax Professional: NPVAdvisor, CFP Licensee and Practitioner replied 4 months ago
NPVAdvisor
NPVAdvisor, CFP Licensee and Practitioner
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