I file a 1065 but I lost everything due to a fire in October. By everything I mean, building, all equipment, furniture, inventory and completed jobs. The insurance advanced me 100,000 so I could go ahead and pay off my suppliers. Do I go that on my 2024 taxes and how. Also, when they settle everything in 2025, is the amount for inventory taxable?
I am not going back into business. The building was being rented and counted on my personal taxes.
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