Depreciation and expenses for a stolen asset in Form 1120

[EvaEvtimova]

I want to fill out Form 1120 using TurboTax Business. In the section Federal Taxes - Deductions - Depreciation of Assets I fill in a description of assets, the date when they are start to be used in the business and the percentage of business use. As a result, TurboTax calculate 2019 depreciation. But one of the assets starts to be used for business purposes in 2018 and has depreciation for 2018. This asset is used 1 month in 2019 and after that it was stolen, so it is written off. How I should  fill in information for this asset in TurboTax Business and where I can record expenses for writing it off?

[tagteam · Accepted solution]

Click the Federal Taxes tab, click Income, and the click the Start (or Update) button to the right of Business property/assets. Indicate that you disposed of assets on the following screen.

[EvaEvtimova]

Thanks!

[Anonymous]

was it covered by insurance and did you put n a claim if it was? 

[tagteam]

Insurance claims (reimbursements) are addressed in the Business property/assets section in TurboTax Business.