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Investors & landlords
You may use TurboTax Online or TurboTax CD/Download versions to calculate the casualty and theft deduction. Both will also generate Form 4684, Casualties and Thefts.
Once again, if the casualty loss is not the result of a federally declared disaster, you must be itemize your deductions to claim the loss.
Generally, you itemize deductions on Schedule A of your tax return if your itemized deductible expenses for the year exceed the standard deduction amount for your filing status.
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‎April 3, 2023
12:10 PM