Skip to main content
TurboTax
Community
TurboTax
Community
TurboTax
Community
B
bryan52
March 18, 2025
Question

I lost inventory in a fire, Where do I enter that?

  • March 18, 2025
  • 1 reply
  • 0 views
No text available

    1 reply

    M
    Mike9241
    March 18, 2025

    if you use the cash basis you have already written off their cost. If you account for inventory the deduction will be taken through the cost of good sold because ending inventory won't include those items. if you received insurance proceeds for this in the same year as the fire, you'll need to reduce a cost/expense somewhere.  if in a subsequent year this would need to be reported in the year received as other schedule C income because you took a schedule C writeoff in an earlier year. 

    TurboTax Expert Assist
    TurboTax Expert

    Get answers to all your tax questions

    Our experts are available on-demand, no appointment needed. Get help all year long with TurboTax Expert Assist.

    Terms & ConditionsCookie settingsAccessibility statement
    Intuit
    TurboTax Credit Karma QuickBooks MailChimp

    ©1997-2022 Intuit, Inc. All rights reserved.
    Intuit, QuickBooks, QB, TurboTax, ProConnect, and Mint are registered trademarks
    of Intuit Inc. Terms and conditions, features, support, pricing, and service options
    subject to change without notice.

    Security Certification of the TurboTax Online application has been performed by
    C-Level Security.

    By accessing and using this page you agree to the Terms of Use.

    Accessibility

    TRUSTe nResult Certified e-File C-Level Security Certification