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Yes. You report your unreimbursed business theft loss in TurboTax as follows:
In TurboTax CD/download, select Personal, then Deductions & Credits, then,
If you are using TurboTax online, the process is similar. After signing in, select Federal (left margin), then select Deductions & Credits.
In order to claim a theft loss deduction, the taxpayer must prove:
The taxpayer bears the burden of proving by a preponderance of evidence that a theft actually occurred.
Thank you, Does it put me in a higher audit risk by making this claim? Or set off any red flags?
No, this does not place you at a higher risk for an audit by reporting what happened to you. Unfortunately, theft occurs often enough that the IRS has seen these losses before. The loss that you are reporting is a reasonable amount and will not set off any red flags.
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