Get your taxes done using TurboTax

It depends on how you report your business income.  If you report on a Schedule C you can enter your casualty loss by following these steps in TurboTax Online:

1. Within your tax return use the magnifying glass icon to search for Schedule C
2. Click the Jump to link
3. Click Edit or Review for the line of work the asset is under
4. Scroll to and click Edit for Assets
5. Click Yes on the Do you want to go directly to your asset summary? screen
6. Click Edit for the asset you need to change
7. Continue through the questions until you get to the Tell Us More About This Asset / Large Purchase screen
8. Check the This item was sold... line and Continue
9. On the Special Handling Required screen click Yes (this reports that the asset was destroyed from a casualty)
10. The allowable deduction is reported as a result

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