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Business & farm
Unfortunately you don't have any loss for tax purposes.
As a cash basis taxpayer you report income when received and expenses when paid.
Since you never reported any income, since you never got paid, there is no loss to report.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
Also keep in mind the date of replies, as tax law changes.
‎July 14, 2020
11:13 AM