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Business assets damaged beyond repair from normal use.
I am self-employed in the lawncare field and last year 2019 I had 2 mowers get damaged from normal use and can not be repaired. Transmission in rider is destroyed and is not cost effective to repair it, and engine in one of my commercial walkbehind mowers bent a crank and damaged the Blade Brake Clutch mechanism beyond repair, it is not usable and not cost effective to repair it as well. How do I dispose of these assets on Turbo Tax to show they are no longer usable and are there any tax implications for these assets being unusable now for 2019?
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March 29, 2020
12:09 PM