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A trucker that his friend use his truck, his friend wrecked the truck and they did not have insurance. Could this be trained as a loss for the business?
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The friend wrecked it so it doesn’t sound like their was a business purpose for the loss.
Slava Ukraini!
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What happened to the truck? Repair? Sold? Sitting in his front yard doing nothing because it won't run?
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"and they did not have insurance"
Neither of them had insurance?
Don't yell at us; we're volunteers
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The business owner "trucker" higher so one to drive the truck that person got in a wreck and was a total lost. The owner nor the driver had insurance.
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@EP3473 wrote:
was a total lost.
As I asked before, what happened to the truck? Even if it want to the junkyard, most likely he would have received something for it.
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The remaining business use percent adjusted basis of the truck can be deducted as a business casualty loss. See Form 4684.
The more I know the more I don’t know.
