To enter casualty losses in your return, this done through the Casualty and Theft
deduction. This deduction covers property that’s damaged as a result of a
disaster, such as a storm, flood, fire, car accident, or
similar event, and also covers stolen property. Property includes anything you
own.
To enter this in
TurboTax:
- Got to the "Federal Taxes" tab
- Click on "Deductions & Credit"
- Scroll down to "Other Deductions and Credits"
and click on "show more" to the right of it
- Click "Start" next to "Casualties
and Thefts" continue to follow the onscreen guide.
Note: For information on determining the basis of your business
or income-producing property, refer to IRS Publication 584-B,
Business Casualty, Disaster, and Theft Loss Workbook.
