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:
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: