Solved
How do I report a large loss of inventory due to a robbery?
I was robbed of $5,000.00 worth of merchandise in 2016. How do I account for this in Turbo Tax?
Hi:
If you are using TurboTax Desktop or TurboTax Online Home & Business
- Click on Federal Taxes (Personal if using Home & Business)
- Click on Deductions & Credits
- Select I'll choose what I work on
- Scroll down to Other Deductions and Credits
- Click on Start/Update next to Casualties and Thefts
Please read this IRS link:
https://www.irs.gov/taxtopics/tc515.html
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