Vanessa A
Expert Alumni

Deductions & credits

Correct.  You can't take a deduction for something you already took a deduction for.  So if everything had a $0 basis, there would not be any type of deduction available for the theft. 

Your income from your Schedule C goes to Schedule 1.  This is where both the loss and your income would be reported.  

There is not a deduction for lost work.  

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