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Level 6

Business Asset Burned Up

I showed that an asset was disposed of in 2018, but by "other".  It never took me to put it was due to fire/loss.  Where do I enter that information or how do I enter it?  I'm looking at the Asset Entry Worksheet form and all it has is the date it was sold, abandoned or disposed of.  The prior depreciation and current year's depreciation is $265k and the insurance proceeds we received were $330.  How does this get reported? 

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Level 20

Business Asset Burned Up

Casualty losses are handled in the Deductions & Credits tab ... follow the interview screens and have a copy of the current year depreciation worksheet on hand since you will need to manually calculate the cost basis ...

 

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