Say a professional musician was practicing and their amp caught fire and destroyed all of their...

Say a professional musician was practicing and their amp caught fire and destroyed all of their equipment for a total of $9750 (not covered by insurance) would you be able to write this off in any way? maybe as a business loss?

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Yes, the professional musician can show it as a Loss Of asset by fire if he had debited it as an asset earlier and shown it as a fixed asset in the balance sheet. or he can simply write it off in profit and loss account as loss due to fire.

ekkarill92 answered 1 year ago

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