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.
What happened to the truck? Repair? Sold? Sitting in his front yard doing nothing because it won't run?
"and they did not have insurance"
Neither of them had insurance?
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.
@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.
The remaining business use percent adjusted basis of the truck can be deducted as a business casualty loss. See Form 4684.
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