How report a business casualty loss when the asset is a total loss? Need to remove from depreciation schedule

Ferita · ‎03-09-2021

The truck was completely devastated in 2020. Loan was paid off before accident, client received money from the insurance company. How report truck loss, and remove from depreciation schedule?

sjrcpa · ‎03-09-2021

Was it fully depreciated?

Was the truck replaced?

Ex-AllStar

Ferita · ‎03-09-2021

No, not in full. Basis 155k, previuos depreciated 31k. Insurance claim 108k.

And wasn`t replaced,

How report a business casualty loss when the asset is a total loss? Need to remove from depreciation schedule

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