Casualty los

[Taxmaster]

Farmer had a casualty loss when machine shed blew down in a windstorm.     Building is completely depreciated.   He received payment from insurance company but hasn't rebuilt yet.   How do I report if he plans on rebuilding in 2021?   Or, if I report the entire insurance payment as a gain in 2020 and then he later decides to rebuild, how do I report that? 

[qbteachmt]

Here is your New info:

Follow up to my previous question - when entering a casualty loss, program requires that I enter the basis of the building - but I can't find anywhere to enter the depreciation taken, which would reduce the basis to zero. Instructions specifically say not to take depreciation into account when entering basis....

[Taxmaster]

This doesn't address the question:   Where do I enter the depreciation taken on the building?  I find it hard to believe one doesn't have to take that into account when figuring any gain.  

[sjrcpa]

If the building is already entered in Depreciation, use the disposition section to enter the casualty. The software will pick up the depreciation.