Form 4684 is for a casualty loss.
This year, the casualty losses you can deduct are mainly limited to those caused by federally declared disasters. This includes hurricanes, floods, tornados, fires, and mudslides.
If you experienced a loss that wasn't disaster-related, such as a theft, you can deduct this loss only to offset a gain from another casualty. This rule is an important change from prior years.
You can report the
casualty loss on your tax return by following these steps:
- Click on Federal > Deductions
& Credits.
- In the Other Deductions and
Credits section, click on the Start/Revisit box next to Disasters,
theft, and other property loss or damage.
- You will see the screen, Did
you have anything damaged or stolen during a recent federal
disaster? Click the Yes box, if applicable..
- Any allowable loss will appear on
Schedule 1, line 14.
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