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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?
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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....
"Level Up" is a gaming function, not a real life function.
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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.
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If the building is already entered in Depreciation, use the disposition section to enter the casualty. The software will pick up the depreciation.
Ex-AllStar
