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Ferita
Level 2
March 9, 2021
Question

How report a business casualty loss when the asset is a total loss? Need to remove from depreciation schedule

  • March 9, 2021
  • 2 replies
  • 14 views

The truck was completely devastated in 2020. Loan was paid off before accident, client received money from the insurance company. How report truck loss, and remove from depreciation schedule?

This topic has been closed for replies.

2 replies

sjrcpa
sjrcpa
Level 15
March 9, 2021

Was it fully depreciated?

Was the truck replaced?

The more I know the more I don’t know.
    FeritaAuthor
    Level 2
    March 9, 2021

    No, not in full. Basis 155k, previuos depreciated 31k. Insurance claim 108k.

    And wasn`t replaced,

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