Mairof
Level 3
04-11-2022
10:38 AM
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The Restaurant burned down in 2021 and the insurance company game money for:
Loss of income and gave a 1099Misc. Is taxable and how to report in S Corporation?
Also, the insurance gave money for appliances(assets lost) and clean food debris removal. The S Corporation did not receive any form. Is taxable and how to report in Pro Series?
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IRonMaN
Level 15
04-11-2022
11:00 AM
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The loss of income payment kinda sounds like taxable income, doesn't it.
The other payment can be net against the money expended for replacing the lost appliances, etc.
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