With the new tax law, you can only take the deduction if the damage was a result of a natural disaster, and you live in a federally declared disaster area .
To access form 4684 ( Casualty and Theft worksheet) follow the steps below:
- Log in to your account.
- Go to Federal Taxes.
- Go to Deductions and Credits.
- Scroll down to Other Deductions and Credits and click show more.
- Click start next to Disasters, theft, and other property loss or damage.
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