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Self employed
Yes. You report your unreimbursed business theft loss in TurboTax as follows:
In TurboTax CD/download, select Personal, then Deductions & Credits, then,
- Scroll down the screen to Other Deductions and Credits.
- Select Casualties and Thefts.
- At the screen, Casualty or Theft Event, select the option for Income-Producing Property and continue to enter your information.
If you are using TurboTax online, the process is similar. After signing in, select Federal (left margin), then select Deductions & Credits.
- Scroll down the screen to Other Deductions and Credits.
- Select Disasters, theft, and other property loss or damage.
- At the screen, Did you have anything damaged or stolen during a recent federal disaster?, select Yes.
- Then continue to enter your information.
In order to claim a theft loss deduction, the taxpayer must prove:
- that a theft occurred under the law of the jurisdiction wherein the alleged loss occurred,
- the amount of the loss; and
- the date the taxpayer discovered the loss.
The taxpayer bears the burden of proving by a preponderance of evidence that a theft actually occurred.
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‎April 11, 2023
2:27 PM