Music. Hello everyone, welcome to "Explaining Teach to the Train." Today, we will be explaining how to claim casualties and theft deductions using TurboTax. Please enter your username and password to sign in. First, let's take a moment to review what the casualty and theft deduction is. If you suffer losses due to a natural disaster or your property being stolen, you may be qualified for this deduction. The list on this page serves as an example of some events that may qualify you for this deduction. Now, let's get back to TurboTax. In order to be able to claim the casualty and theft deduction, you must choose the itemized option when filing your taxes. Select the orange button to continue. Next, select the personal tab and then select deductions and credits. Select "I will choose what I work on." Once on this page, find the other deductions and credits section, then select update next to casualties and deaths. You will select "yes" if your loss is based on the first three events listed. If not, select "no." Enter the description of the item and the date of loss. Select the type of property and enter the description, date of purchase, cost of property, and the dollar amount, if any, that the insurance company has paid you. Enter the fair market value before and after the loss. If the property was recovered with or without damages, check the appropriate . If the property was a collectible item, indicate that as well. If no changes are required, select "done." If no changes are required, select "done." Today, we explained how to claim casualties and theft using TurboTax. Remember to subscribe and check out our other videos. Thank you. Music.
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Video instructions and help with filling out and completing What Form 4797 Casualty
