Kea Posted February 14, 2014 Report Share Posted February 14, 2014 Client was self-employed appliance repairman. His truck was broken into and many tools and supplies were stolen. All items had been expensed when purchased (lots of small items). He then purchased replacement tools. No insurance claim since amount stolen was less than the $1000 deductible. Just want to make sure I'm reporting this correctly: Since items had $0 basis, there is no need to file Form 4684? Replacement items are expensed just as if they were any other replacement tool. The fact that they replace stolen items is irrelevent? Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted February 14, 2014 Report Share Posted February 14, 2014 Correct. Quote Link to comment Share on other sites More sharing options...
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