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If your business property was destroyed due to a casualty, you can report the loss in the Casualty Loss section of TurboTax.
A casualty loss can result from the damage, destruction, or loss of your property from any sudden, unexpected, or unusual event such as a flood, hurricane, tornado, fire, earthquake, or volcanic eruption. A casualty doesn't include normal wear and tear or progressive deterioration.
The requirements for each type of loss vary. For more information, see Publication 547 or refer to the Instructions for Form 4684.
To report the loss of business property due to a casualty in TurboTax Online:
When you preview your return, look for the loss to appear on Form 4797.
See here for more information from the IRS on this topic.
If your business property was destroyed due to a casualty, you can report the loss in the Casualty Loss section of TurboTax.
A casualty loss can result from the damage, destruction, or loss of your property from any sudden, unexpected, or unusual event such as a flood, hurricane, tornado, fire, earthquake, or volcanic eruption. A casualty doesn't include normal wear and tear or progressive deterioration.
The requirements for each type of loss vary. For more information, see Publication 547 or refer to the Instructions for Form 4684.
To report the loss of business property due to a casualty in TurboTax Online:
When you preview your return, look for the loss to appear on Form 4797.
See here for more information from the IRS on this topic.
Thanks for the quick reply. I will check it out.
This worked however it was more complicated. Turbo Tax also created asset sale form in addition to the loss. This double counted the loss. There is no easy access to the sale form in TurboTax and no way to delete a sale via main Turbo Tax screens. It had to be manually deleted which is a whole another endeavor in of itself.
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