I use my aircraft for business 100%. I had a total loss on my aircraft. it has been totally depreciated out.insurcane company paid me an amount less the deductible. im going to buy another aircraft of a lesser value. can anyone help me on how to report this on my 2021 taxes?
original aircraft was 60k
insurance paid me 28k less 1k deductible
new aircraft is going to cost 20k