Lost some equipment in a fire. Insurance paid the replacement cost of the item, which resulted in a gain, and the item lost still had depreciation value. I seem to be lead in a circle while trying to fill out the forms. I start with the 1120S, which takes me to the 4684,which takes me to the 4797, which takes me to the Schedule D and on and on, maybe I started wrong to begin with. Please any help will be greatly appreciated. Thanks
I own a small farm and file a 1040 and a schedule F for my farm. The only way to egress and ingress my farm and personal residence is over a bridge that crosses a stream on my property. During late December 2009 and early Jan. 2010 a winter storm destroyed the bridge. The President declared a major disaster for Virginia which included where I live. The insurance company refused to pay for the repairs. Can I claim the loss of the bridge as a casualty loss? Can I claim part of the loss on my sch. F and part of the loss as personal on sch. A? Do I use the replacement cost for the bridge or the value when originally constructed? Can I claim the loss on my 2010 tax return?