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Well, there was no insurance reimbursement.  The truck was fully depreciated, and the individual tools were expensed at time of purchase.  I was told that for small businesses the tangible property expensing threshold is $2,500, which none of the tools exceeded, so I could expense them the year of purchase.  And if I understand you correctly, the cost basis on everything would be $0, thus no deduction.  I assumed that I would use Pub. 584-B, Business Casualty, Disaster, and Theft Loss Workbook and calculate a loss that would go on my schedule C.  I also had lost business due to lack of transportation, and I assumed that there was somewhere I could record that loss.

I'm not understanding your question. Did you originally file MFJ? When did you originally file your return?  You shouldn't file an amended return until your original return  is fully processed and you receive your refund or your balance due is deducted from your account.   Please provide more information so we may help.

You can enter both dental & medical expenses in the same place.   If you are using TurboTax Online, you can search for "Medical" on the Tax Home page.    If you are using TurboTax Desktop in EasyStep mode, you can search for "Medical Expenses Profile" using the Find tool.    If you are using TurboTax Desktop in Forms mode, you can search for " med" by clicking on the Forms icon in the blue icon bar.   

@Angry5  If you are using TurboTax Online, you can search for "Investment Expenses" on the Tax Home page. Continue to the 2nd page to enter expenses that are not interest.   If you are using TurboTax Desktop in EasyStep mode, you can search for "Carrying charges" using the Find tool.    If you are using TurboTax Desktop in Forms mode, you can search for " t1ws" by clicking on the Forms icon in the blue icon bar. Then you can enter your fees at the top of page 2, under “Line 22100 – Carrying charges, interest expenses, and other expenses”  

Thanks for your help. I was able to follow these steps. However in the last step of e-filing, it is saying that the window has been closed on 15 Oct 2024. Does this means I would need to mail these tax documents to both CO and CA Tax depts. Also do I need to submit the E-filer attachment as well to them.

Yes, form 4684 is where this will be entered. It will not be reported on your schedule C.  Instead it will be reported as a negative number on Schedule 1 line 4.  See the response to your other similar question for more details on how to enter it.  

Also note that you can't just "apply" your income "against the NY State tax brackets." In the instructions for IT-203 line 38 there are three different ways that the tax might be calculated, depending on the amounts on lines 32 and 37. Read the instructions very carefully.  

As deductible expenses are determined by CRA, we recommend you to contact them for more precisions about this particular expenses and will be in a better position to give you the proper answer.   You can also visit this link about the subject:   Self-employed Business, Professional, Commission, Farming, and Fishing Income: Chapter 3 – Expenses   Here is the link to contact CRA   Thank you for choosing TurboTax.

Yes, you may be able to take some deductions on your tax return depending on if you received insurance reimbursement and what your cost basis in the property was.  You will enter this by selecting the following: Personal Deductions and Credits Casualties and Thefts under Less Common Deductions Select this is income producing property. Walk through the steps to enter the items stolen or lost.   When you do this you will be asked to enter your cost basis which is the amount you paid for it minus depreciation or expense.  So if you lost a saw that you bought in 2023 for $1,000 and took the full $1,000 depreciation in 2023, your cost basis would be $0. However, if you purchased this saw in 2023, took a full expense on it in 2023 and the insurance reimbursed you $1,000, you would enter it in the business income section as a sale of an asset and this would be a gain on the theft of property.  This would be entered by selecting: Business Business Income and Expenses Sale of Business Property under Less Common Business situations.