Client gets ins money on wrecked business vehicle. Wrecked vehicle is deprc out, he buys a new one for half the money insurance paid. I know money is taxable, but can replace, and pay on excess, but I'm not sure where the figures all go. Does 4864 have a place for replacement? I can't see it? Does it just take a statement? What goes on 4864, just the excess (after replacemnt).
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My software 4684 --There is a section for personal and one for business - so you enter all of the info personal or biz, and then my software will populate to 4797 if showing a gain or loss for biz
Is that what you are asking
Sandy -
No, where do I put the replacement property? do I just subtract it from the insurance proceeds? then put the excess on the 4864?Comment
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