Hello. A Truck using SMR (on Sch C) since 2009 was totaled during early 2014. TP received some insurance monies.
My questions are: Since the truck was used for Business and Personal do I use both Section 1 and Section 2 of Form 4684?
What information do I need from the client for both? How do I make the required calculations for Form 4684?
I would really appreciate your response. Thank you!
My questions are: Since the truck was used for Business and Personal do I use both Section 1 and Section 2 of Form 4684?
What information do I need from the client for both? How do I make the required calculations for Form 4684?
I would really appreciate your response. Thank you!