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The Restaurant burned down in 2021 and the insurance company game money for:
Loss of income and gave a 1099Misc. Is taxable and how to report in S Corporation?
Also, the insurance gave money for appliances(assets lost) and clean food debris removal. The S Corporation did not receive any form. Is taxable and how to report in Pro Series?
Best Answer Click here
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The loss of income payment kinda sounds like taxable income, doesn't it.
The other payment can be net against the money expended for replacing the lost appliances, etc.
Slava Ukraini!
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Look at Section 1033 Involuntary Conversions for rules, reporting and replacement dates.
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thank you very much Ironman, I really appreciate your answer. I think you are right.
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Hi, dascpa, thank you for the information. It is help me a lot.
