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dejeffs
New Member

We had some property stolen last Oct and we were reimbursed by our insurance company. Do we need to list this as income?

 
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LinaJ2018
Intuit Alumni

We had some property stolen last Oct and we were reimbursed by our insurance company. Do we need to list this as income?

If your insurance reimbursement for the lost property is greater than the cost, you may generate a capital gain as your income.  You are advised to file a Form 4684 "Casualties and Thefts" to claim a casualty loss and if there is a gain generated, the program will create a Schedule D with the capital gain and finalize your Form 1040 to file.

To enter your casualty loss  and possible capital gain in TurboTax online program, go to:

  • Sign in to your account and select Pick up where you left off
  • At the upper right corner, in the search box, type in casualty loss, then Enter
  • Select Jump to casualty loss
  • On-screen, Stolen or Damaged Items, answer Yes to the question to continue 

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1 Reply
LinaJ2018
Intuit Alumni

We had some property stolen last Oct and we were reimbursed by our insurance company. Do we need to list this as income?

If your insurance reimbursement for the lost property is greater than the cost, you may generate a capital gain as your income.  You are advised to file a Form 4684 "Casualties and Thefts" to claim a casualty loss and if there is a gain generated, the program will create a Schedule D with the capital gain and finalize your Form 1040 to file.

To enter your casualty loss  and possible capital gain in TurboTax online program, go to:

  • Sign in to your account and select Pick up where you left off
  • At the upper right corner, in the search box, type in casualty loss, then Enter
  • Select Jump to casualty loss
  • On-screen, Stolen or Damaged Items, answer Yes to the question to continue 
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