Question

Inventory

Forum|Forum|2 years ago
March 21, 2024
2 replies
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I have inventory that didn't sell. Where do I put that on the TurboTax program

TurboTax Self Employed Online

It should be in your remaining inventory balance.

If you go into the business section of TurboTax, you will be able to select Start next to Inventory/COGS. Then you will select Yes, I have inventory, then it will ask you for your beginning and ending inventory. Your ending inventory, remains on your books until it is sold.

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M

Mike9241

The IRS has rules for inventory. What method did you adopt when starting your business cost, lower of cost or market, other?

cost - you are stuck the only legit method is to dispose of the items then they are no longer in your inventory so you get the write-off.

lower of cost or market, the items can be written down to salvage value.

other can't say.