Taxmaster
Level 2
03-10-2021
02:36 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
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?
Labels