Insurance recovery from theft

[toddrub46]

My business was robbed and the insurance recovery was greater than the remaining basis I had in the property. Where in TurboTax do I enter this? It appears I may need to file Form 4684.

[ZoltanB45 · Accepted solution]

First you would go to deductions and credits. Then click the other deductions and credits section. There you will see the "theft" option. It is in that section, where you will be able to answer all of the questions related to the item and incident.

Attached is a link in regards to generating form 4684 in Turbo Tax. form 4684

[toddrub46]

Thanks so much. Since it was business related I didn't think to look in the "personal" section for the place to enter the data. But the questions there resulted in the amount transferring over to the business section of the step by step.