Can I report some lost of business on my personal tax return?

[rdarnahal]

Can I report some lost of business on my personal tax return

[Marketstar · Accepted solution]

If you are referring to lost business income, the IRS does not allow a deduction for income not received if you are using the cash basis of accounting-recognizing income when received

However, you can deduct any expenses incurred to produce the income not received.