What Form 4797 Casualty 2022-2023

Instructions and Help about What Form 4797 Casualty

Music hello everyone welcome to explaining teach to the Train today we will be explaining how to crank casualties and that deductions using TurboTax enter your username and password and sign in 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 was stolen you may be qualified for this deduction the list on this page serves as an example of some of the events that may qualify you for this deduction now let's get back to turbo tax you must choose the itemized option when filing your taxes in order to be able to dump casualty and theft of property select the orange button to continue select the personal tab 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 by casualties and deaths you select yes if your loss is based on the first three events here we select no enter the description of the item and the date of loss select the type of properly you enter the description date of purchase cost of property and dollar amount if any that the insurance company has paid you you enter the fair market value before & after loss after loss meaning if the property was recovered with or without damages check the box if the property was a collectible item if no changes are required select done if no changes are required select die action completed today we explain how to claim casualties in theft using TurboTax remember to subscribe and check out our other videos thank you Music.