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Deductions & credits
Unfortunately, personal casualty and theft has been repealed with TCJA, unless it is in a Presidentially Declared Disaster Area. Your business loss can be entered on Form 4684.
Use a separate Form 4684, Section B, Part I, for each casualty or theft involving property used in a trade or business or for income-producing purposes. Use one Section B, Part II, to combine all Sections B, Part I.
How to enter it into TurboTax: While inside the software and working on your return, type casualty loss in the Search at the top of the screen (you may see a magnifying glass there). There will be a popup that says Jump to casualty loss. Select that to get to the general area.
March 30, 2020
7:53 AM