You can enter the loss as a Casualty and Theft.
Reporting a casualty can help you but only if you meet the
qualifications. Personal losses are reported on Form 4684 and are carried over
to Schedule A if you itemize. (Casualties for businesses are reported on the
same form on Part B.)
In TurboTax (for
personal losses):
- Scroll down to Other
Deductions and Credits
You will need to know the following:
- Cost or adjusted basis
of each property
- Insurance or other
reimbursement (whether or not you filed a claim).
- Fair market value
after casualty or theft
You can read more about this at the IRS website. Here is
the link:
https://www.irs.gov/publications/p547
