Yes, loss is a Scrabble word!
...and is worth 4 points in Scrabble, and 5 points in Words with Friends
loss
Noun
1. Something that is lost
2. Gradual decline in amount or activity
3. The act of losing someone or something
4. The disadvantage that results from losing something
5. The experience of losing a loved one
6. The amount by which the cost of a business exceeds its revenue
7. Military personnel lost by death or capture
8. Euphemistic expressions for death
What Scrabble words can I make with the letters in loss?
4 Letter Words
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3 Letter Words
2 Letter Words