It depends, but typically no. If you are a Cash basis business This means you post income when you receive it You never posted the revenue as income. However, you can report expenses for products, but not for personal services. If you use the Accrual accounting, you can deduct the missing revenue because you have already reported it as earned.

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rickapriebe

Question

I provided and invoiced security services to The Home Depot but was never paid. Can I deduct that loss?

Forum|Forum|1 year ago
January 30, 2025
1 reply
0 views

No text available

JohnB5677

It depends, but typically no.

If you are a Cash basis business
1. This means you post income when you receive it
2. You never posted the revenue as income.
3. However, you can report expenses for products, but not for personal services.
If you use the Accrual accounting, you can deduct the missing revenue because you have already reported it as earned.

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