If I am self-employed and bought an item 100% for business I would claim it as a business expense.
But if I later sold that item at a loss do I still have to pay taxes on that income, or claim that income, since I sold it at a loss?
And if I do have to claim that sale at a a loss as income, can I put down the original higher price I paid for the item as my cost-basis, even though I already claimed it as a business expense separately?
Thank you.
