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Should I zero out my $10,500 Inventory/Cost of Goods Sold on Schedule C for a 2018 business closure or must I still report the $10,500 as Inventory despite the closure?
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If you have closed your business, the value of your final inventory is going to be zero. You will have either:
- Sold the inventory,
- Abandoned the inventory as worthless, or
- Withdrawn the inventory for personal use.
In the first two cases, the carrying value of the inventory will move to cost of goods sold. In the case of withdrawal, you will enter the value on Schedule C (Form 1040) line 36.
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