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I have heard rumors that reporting a loss on sched. C is a flag for potential audit. How would this board suggest I proceed?
I wouldn't call it a rumor, although the exact selection criteria aren't published, I think it's true enough.

How do you make most of your money? You refer to "another hospital".
Are you a hospital employee? Are you a resident? It sounds like you're not in private practice. If you are, then all of those kinds of expenses would be deductible on your normal schedule C (or other business return, as applicable).

If you got audited, you'd probably be stuck pro-rating your licensing, telephone, and other costs. But some of it should be good.

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