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ric39
Returning Member

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?

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‎March 23, 2021 5:07 PM
last updated ‎March 23, 2021 5:07 PM
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MaryK4
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Loss of business assets and subsequent replacement

You can enter the assets on Schedule C with no income.  Be sure to keep all the records (receipts etc.) in case of audit.  

 

See also Topic No. 515 Casualty, Disaster, and Theft Losses.

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‎March 23, 2021 5:31 PM
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