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New business, stolen equipment, taxes?

Discussion in 'Business Operations' started by Tharrell, Oct 17, 2005.

  1. Tharrell

    Tharrell LawnSite Silver Member
    Posts: 2,964

    Someone stole all of my equipment and tools except for a couple of items I had elsewhere last thursday.
    I have a question for anyone who may know, this is my first year and I don't know if I can deduct theft or how to do it?
    Ironic since I have to claim the purchases this year also.
    I know I need to talk to a tax professional and I will but, maybe some of you have some knowledge about this situation?
    The only things I'll really miss are some of my dads tools he left me.
  2. Florida Office Manager

    Florida Office Manager LawnSite Member
    Posts: 5

    Sorry to hear that.... you have to be careful with equipment. If you haven't already, you need to get a police report. That is going to be your "receipt" for your missing equipment. Just don't exaggerate the value of the items or the condition. Honesty is always the best policy. Good Luck!

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