HelenC12
Expert Alumni

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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