No, the insurance payment should not be claimed as income.
Yes, the new equipment is deductible on your 2021 taxes. Be sure to close out the old equipment if it was listed as an asset.
To enter the purchase:
- Go to Business
- Let's find some Business deductions = Continue
- I'll choose what I work on
- Select your business
- Select Business Assets
- Follow the interview and post the Camera and equipment.
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**Mark the post that answers your question by clicking on "Mark as Best Answer"
