Skip to main content
TurboTax
Community
TurboTax
Community
TurboTax
Community
T
tammyelsberry
March 18, 2020
Question

I own a hotshot company and my driver wrecked my truck and killed a little girl. I lost my truck, trailer, and my business. Where and can I count this loss on my taxes?

  • March 18, 2020
  • 1 reply
  • 0 views
No text available

1 reply

DMarkM1
DMarkM1
March 18, 2020

Assuming this was a sole proprietorship or single-member LLC you would show the business as "disposed in 2019" and list any expenses and losses on the Schedule C.  Here is a link with some discussion on business closing.  

 

If the business was some other entity (Partnership/S-Corp) the idea is the same just needs to be done on their respective filing (1065, 1120S).  

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"
TurboTax Sign In Widget
TurboTax flag icon

Unlock tailored help options in your account

Create an account
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 & ConditionsAccessibility 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