turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Event: Ask the Experts about your refund > RSVP NOW!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Filip
New Member

Theft loss on 1120s return question.

I have a client that suffered a theft loss during the 2018 tax year. He is an s-corp.

His insurance company hasnt reimbursed him yet and is not sure if it will.

What is the best way to show the theft loss on the 1120s return if the insurance compensates him and if it doesn't?

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

4 Replies

Theft loss on 1120s return question.

"I have a client.."  Are you a paid tax preparer?  If so, using TurboTax violates the terms of service.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
Filip
New Member

Theft loss on 1120s return question.

I'm using the business version of turbotax. It says.

 

 

  • Prepare tax returns for multiple businesses

    Prepare income tax returns for multiple businesses, even if they are different entity types.

And I'm not getting paid, client is relative.

 

pk
Level 15
Level 15

Theft loss on 1120s return question.

@Filip , think the red-flag is  "client" -- whether paid or not would violate the spirit of the agreement.  It is your status as a preparer and NOT "HELPER" that opens the flood gate.  If you are  only helping a relative , then there is no violation of circular 230 or state statutes or even the  terms of service / use of the product.

 

In any case if you are not sure whether the loss is going to re-compensated by the insurer, you have the choice of waiting till resolved  ( not past extension period )  or  file recognizing the loss  and if and when the insurer settles  the claim, then go back and file an amended  return.

Personally , i would opt for the latter scenario.

Carl
Level 15

Theft loss on 1120s return question.

I'm using the business version of turbotax

For others reading this thread who are paid tax preparers, if the name of the product has the word "TurboTax" in it, then it's not licensed for use by a paid tax preparer. So if you are a paid tax preparer and wish to use an Intuit product for preparing tax returns for your clients, you need to be using either Lacerte' or ProConnect. https://proconnect.intuit.com/ It's much more comprehensive than the TurboTax line of products, when it comes to in-program help and navigation.

 

 

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies