Since the other asset was destroyed in a natural disaster, you would enter all the information as a qualified casualty loss in TurboTax:
- Open or continue your return.
- Navigate to the casualty loss section:
- TurboTax Online/Mobile: Go to casualty loss.
- TurboTax Desktop: Search for casualty loss and select the Jump to link.
- Select Yes on the Did you have anything damaged or stolen in 2024? screen.
- Answer the questions about your event, entering your Description in the following format: State, Disaster (for example, California, Wildfires).
Note that your basis for this asset would be the original purchase price less accumulated depreciation (not zero).
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