Stolen Asset

[EstWeaACC]

A business asset (enclosed trailer) was purchased in 2022 and about a month later it was stolen.  How do I properly record the purchase and loss (due to theft) when filing taxes for a self-employed business?

[Mike9241]

any insurance?. the IRS will not allow you to deduct any portion of the loss covered by insurance.   other than that you can use form 4684 section B to report a business casualty loss. do not enter it on schedule C. 

it's under the deductions and credits tab - other deductions and credits - casualty and thefts

if entered correctly you should see the loss on schedule 1 line 4  with an indication form 4684