Reporting a casualty can help you but only if you meet the qualifications . Personal losses are reported on Form 4684 and are carried over to Schedule A if you itemize. Casualties for businesses are reported on the same form on Part B.
In TurboTax (for personal losses):
Go to Federal Taxes
Deductions and Credits
Scroll down to Other Deductions and Credits
In Turbotax Business: (for business losses)
Go to the Dispose of Business Property topic in the Income section.
You will need to know the following:
- Cost or adjusted basis of each property
- Insurance or other reimbursement (whether or not you
filed a claim).
- Fair market value after casualty or theft
You can read more about this at the IRS website. Here is the link:
https://www.irs.gov/publications/p547