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Where do you enter in the insurance proceeds for a business asset that was lost/destroyed? Turbo Tax never comes back to get the information.
I had a business asset being depreciated. It was destroyed two years into depreciation. I received insurance proceeds for the loss. I "Yes" indicated that it was lost or destroyed.
Turbo Tax says "If you disposed of this property by any of the above means, enter your sales information later in the interview under "Business Income/Sale of Business Property."
There is NO "Business Income / Sale of Business Property" topic or section. I have gone through it many times. There is just 1099-NEC, 1099 and other income. Nothing about sale of business property.
Turbo Tax says "If you disposed of this property by any of the above means, enter your sales information later in the interview under "Business Income/Sale of Business Property."
There is NO "Business Income / Sale of Business Property" topic or section. I have gone through it many times. There is just 1099-NEC, 1099 and other income. Nothing about sale of business property.
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‎April 1, 2023
3:14 PM