Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
mee110
New Member

I was passed counterfeit bills & given a form, ssf 1604 from my bank which they said to file with my taxes to claim a loss deduction. How do i enter this in tt?

 
1 Reply
HelenaC
New Member

I was passed counterfeit bills & given a form, ssf 1604 from my bank which they said to file with my taxes to claim a loss deduction. How do i enter this in tt?

Your homeowners’ insurance policy (and even your renters’ policy) might cover you, up to $500 or $1,000. In addition, the usual deductible may not apply, depending on the policy wording.

To claim a Casualty and Theft loss:

When you lose an item due to an accident, theft, or act of nature, you may have a tax deduction for the value of the property that is not covered by your insurance. The tax deduction is called a "casualty loss" deduction. The lost item can be business property, investment property, or personal property.

Deductible casualty losses can result from a variety of causes such as car accidents, earthquakes, floods, fire, hurricanes, or vandalism.

Casualties that are not deductible losses include progressive deterioration such as termite or moth damage. Also the loss of a personal belonging, like a ring that is dropped in the garbage disposal, is not deductible.

In TurboTax, jump to the entry area for casualty loss:

  1. Enter casualty loss in the TurboTax search box and press the Enter key.
  2. On the Stolen or Damaged Items screen, click Yes.
  3. Answer the interview questions describing your event.
  4. When finished at the Property Summary screen,
    Enter any additional property losses by clicking the Add a Property button.
Related Information:
Dynamic AdsDynamic Ads
Privacy Settings
v