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?
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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.
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.
Thanks!
was it covered by insurance and did you put n a claim if it was?
Insurance claims (reimbursements) are addressed in the Business property/assets section in TurboTax Business.
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