Closing Business => Zero out Ending Inventory => Other Business Situation Disposing of NonDepreciable Assets -- !SOLVED!

[IllinoisOwl]

SOLVED BY PHONE EXPERT!  😊        STEP 3 (SPECIAL SITUATION)  IS CORRECT 👍

I closed my business for the current 2024 reporting year.  I have remaining obsolete Inventory.

Step 1.)  for Business Profile, changed "Disposed of Business in Current Year" to YES.
Step 2.)  for Inventory / COGS, changed "Let's Get Value of Your Inventory" for END of 2024 to $0.

Step 3. ???)  for Final Details - Special Situations, should I select "During 2024, I disposed of nondepreciable business assets ......" where the "Learn More" link mentions INVENTORY as an example???

I intend to DISPOSE of the obsolete inventory by simply discarding it, and NOT attempting any form of SALE (mentioned in other screens).

So, do I have this "Other Business Situation" or not ???? ----> YES! 👍

THANKS!!!

[RobertB4444 · Accepted solution]

Yes.  You will sell your inventory for zero dollars.  That will allow you to take the loss for the inventory in the final year.

@IllinoisOwl