Form 4684 is used to report a Casualty Loss. Section B is for income-producing property. If you're using TurboTax Desktop, go to Forms and open the form under 'Forms in My Return' to review the calculations.
For TurboTax Online, you will need to save a PDF copy of your return to view the form. The loss flows to Schedule 1, Line 4 and then to Form 1040, Line 8.
Remember that the amount needed to restore damaged property is the amount of the Casualty Loss. If you had a condo with a FMV of 500K, for example, that was damaged in a flood and required 200K to restore, your FMV before the loss is 500K, the FMV after the loss is 300K (so your loss is 200K). Be sure to include the amount you were reimbursed by insurance for your loss.
Yes, any NOL will be included in Itemized Deductions each year until it is used up. Here's more info on Casualty Loss.
@Sequel95
Edited 3/13/2023 | 5:17 pm
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