Skip to main content
TurboTax
Community
TurboTax
Community
TurboTax
Community
L
lhankins58
April 9, 2025
Question

How do I deduct jewelry from inventory withdrawn for personal use

  • April 9, 2025
  • 1 reply
  • 0 views

For my jewelry business, I withdrew inventory for personal use.  How do I deduct this if not doing inventory

 

    1 reply

    D
    DianeW777
    April 9, 2025

    Yes. Any items withdrawn for personal use should reduce your cost of inventory/supplies or materials. You simply subtract your cost of these items before you enter your expenses for this category on your business return expenses. You are doing the same calculations, just not entering it in the 'inventory' section. Rather your product cost of jewelry is an expense of doing business.

    **Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"
    TurboTax Expert Assist
    TurboTax Expert

    Get answers to all your tax questions

    Our experts are available on-demand, no appointment needed. Get help all year long with TurboTax Expert Assist.

    Terms & ConditionsCookie settingsAccessibility statement
    Intuit
    TurboTax Credit Karma QuickBooks MailChimp

    ©1997-2022 Intuit, Inc. All rights reserved.
    Intuit, QuickBooks, QB, TurboTax, ProConnect, and Mint are registered trademarks
    of Intuit Inc. Terms and conditions, features, support, pricing, and service options
    subject to change without notice.

    Security Certification of the TurboTax Online application has been performed by
    C-Level Security.

    By accessing and using this page you agree to the Terms of Use.

    Accessibility

    TRUSTe nResult Certified e-File C-Level Security Certification