topic Small Business-can I claim business interuption-no insurance for it? in Deductions & credits

Small Business-can I claim business interuption-no insurance for it?

Kaffywaffy — Tue, 31 Mar 2020 22:44:20 GMT

I own a small business. I had 9 months of interrupted business after the roof of my store collapsed due to heavy snow load. My insurance company does not offer interrupted business coverage.

Re: Small Business-can I claim business interuption-no insurance for it?

JohnB5677 — Tue, 31 Mar 2020 23:03:17 GMT

Unfortunately there is no way to report revenue you didn't receive. However, all of your expenses and uninsured losses can be deducted.

Re: Small Business-can I claim business interuption-no insurance for it?

Kaffywaffy — Tue, 31 Mar 2020 23:08:28 GMT

How would I categorize and file for uninsured losses?

Re: Small Business-can I claim business interuption-no insurance for it?

VictorW9 — Tue, 31 Mar 2020 23:19:40 GMT

Usually, you can do this through COGS. If you carry inventory and you suffered damage to inventory, you can add back damaged or expired goods in addition to your normal treatment closing inventory. This will take account of the losses you suffered in your business. However, you can't get any deduction for loss of income.