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Sorry to hear about this setback. It is a painful period in life when this happens. But, you will recover. Henry Ford experienced a number of failures before he began today's Ford Motor Company.
As to the losses you incurred, yes they are all able to be used to offset other income. Capital losses on items such as equipment get reported on form 4797 and transfer, ultimately, to your 1040. Other losses get reported on different scheduled depending on the business structure. If a sole proprietorship or single member LLC they will be reported on Schedule C, if an S Corp or partnership on Schedule E. If a C Corporation was used the treatment will be more complicated. Either way I recommend that you see an experienced professional to assist you in the return preparation process and to maximize your tax benefit.