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Business & farm
Yes, you can likely deduct this loss. If you have no other self-employment income to report this year, and you are using an online TurboTax product, I would not report and deduct it this year because the upgrade to the program required to do so will cost more than the benefit, and you are under the threshold that requires you to file it.
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‎July 13, 2020
4:06 PM