I have a client that has a Sch C business of selling rugs. He closed the business in 2018 but a large part of his inventory was destroyed by rat infestation. I did the 4684 for business loss due to rat infestation and do I also do a disposition worksheet to close the business with the remaining inventory that he has not sold and probably won't. As I said I did the 4684 and filled out the disposition worksheet showing gross sales as 0. Did I complete the right forms and worksheet.
I'm not sure I would consider rats a casualty loss. I would just write off the inventory as destroyed.
0
Cheers
You are leaving Intuit Accountants Community.
You have clicked a link to a site outside of the Intuit Accountants Community. By clicking "Continue", you will leave the community and be taken to that site instead.
