Will reporting a fire loss help us or hurt us ?

Forum|Forum|7 years ago
June 1, 2019
1 reply
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a business lost by fire

TurboTax Self Employed Online

Anonymous

Reporting a casualty can help you but only if you meet the qualifications . Personal losses are reported on Form 4684 and are carried over to Schedule A if you itemize. Casualties for businesses are reported on the same form on Part B.

In TurboTax (for personal losses):

Go to Federal Taxes

Deductions and Credits

Scroll down to Other Deductions and Credits

In Turbotax Business: (for business losses)

Go to the Dispose of Business Property topic in the Income section.

You will need to know the following:

Cost or adjusted basis of each property

Insurance or other reimbursement (whether or not you filed a claim).

Fair market value after casualty or theft

You can read more about this at the IRS website. Here is the link:

https://www.irs.gov/publications/p547

Will reporting a fire loss help us or hurt us ?

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