Loss of business assets and subsequent replacement
I lost my entire wood shop in 2019 in a fire. Nothing was insured. I have been replacing these tools and equipment during 2020. How do handle these purchases for tax purposes since I have no income for 2020?
0193
1 Replies
MaryK4
Expert Alumni
Mar 23, 2021 5:31:22 PM
You can enter the assets on Schedule C with no income. Be sure to keep all the records (receipts etc.) in case of audit.