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- Hello, Where to report inventory lost during flood and loss of business? This is for 1065 client. Liquor inventory loss was $150,000.00
Hello, Where to report inventory lost during flood and loss of business? This is for 1065 client. Liquor inventory loss was $150,000.00
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2 Comments 2
qbteachmt
Level 15
yesterday
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"and loss of business?"
Do they have insurance for business interruption?
Loss of business, meaning "lost profit" isn't a deduction. The inventory has a cost, but you can't write off its retail value, unless the retail value is lower than cost.
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