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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. Lacerte | ProConnect | ProSeries
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. Lacerte | ProConnect | ProSeries
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business insurance proceeds
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Jane918
Level 3
01-04-2022
10:50 AM
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If a business receives insurance proceeds, that does not need to be claimed as income, but how do you handle the expenses of rebuilding? For example, a small building blew down in a storm. Insurance proceeds were received, and a new building was put up, which needs to be depreciated.
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1 Comment 1
sjrcpa
Level 15
01-04-2022
01:24 PM
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You reduce the basis of the new building by the amount of insurance proceeds received.
The more I know, the more I don't know.
