Hello,
Last year I started new business, I purchased 100 android tablets with the intent of using them as rental to my customers. However, the business didn't work out.. I had minor revenue compared to my investment and I no longer continued the business in 2020. Can I use my purchase as assets deduction, and how do I compute the deduction. TurboTax offers deducting full value but it says it's recommend if I have profit. I spent other expenses so I have large net loss. Would this trigger an audit? I still owe taxes anyway because in 2019 I also received large cash from stock options sale (which is how I funded my failed business). So my overall income combined is still higher than my loss
Thanks
