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I used to carry nine different types of bath & body products, but in October of last year I opted to carry only my best selling product, and dropped the rest. Where on the Schedule C do I inform the IRS that the inventory that was eliminated was not sold or still on hand? Any help would be SO greatly appreciated!!!

Debbie Helbing
http://celestialsoapco.tripod.com

2007-02-08 01:18:36 · 2 answers · asked by celestialsoapco.tripod.com 2 in Business & Finance Taxes United States

The inventory was dumped. Everything was due to expire within months of the change, so I dumped the oils and salts into our compost pile.

2007-02-08 02:46:06 · update #1

2 answers

wrong form. you need to put stuff like that on your business return. then one like from your K1 will transfer over to your 1040. Sounds as if you really need an accountant though.

2007-02-08 01:22:10 · answer #1 · answered by oldsoftee2001 6 · 0 1

What did you do with the goods? They didn't just magically disappear, did they?

If you returned them to your suppier for a refund, that just reduces purchases and ending inventory so they're a wash. If you withdrew them for personal use (gave away to friends, etc.) they'd be treated the same way -- reduce purchases and ending inventory -- and it's still a wash.

2007-02-08 09:30:43 · answer #2 · answered by Bostonian In MO 7 · 0 0

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