You can report the casualty loss on your tax return by following these steps:
- Click on Federal Taxes [Personal
in TurboTax Self-Employed] > Deductions & Credits.
- In the Other Deductions and Credits section, click on the Start/Revisit box next to Casualties and Thefts. [See Screenshot #1 below.]
- If you have not entered any casualty/theft information yet, you will see a screen, Stolen or Damaged Items. Click on the Yes box.
-
If you have entered some casualty/theft information, you will see a screen Casualty and Theft Summary.
Click on the Add a Casualty or Theft link to add another event. You can also edit or delete your previous entry. [Screenshot #2]
- On the Losses From Fraudulent Investments screen click on the No box.
- On the Casualty or Theft Event screen, enter the requested information and mark the box Personal Property (includes home offices deducted under Simplified Method) (if this was your home). [Screenshot #3]
- Click Continue.
- Continue through the screens, entering the requested information.
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