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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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‎April 17, 2025
11:03 AM