I did not withdraw much for personal use. I need to know what to do with the remaining inventory. Do I claim it as a loss? Do I do nothing at all?
You'll need to sign in or create an account to connect with an expert.
If you purchased your inventory in 2017, you can deduct the cost of of your inventory purchased less any used for personal purposes. Any goods or inventory purchased in earlier years were probably already claimed on previous tax returns, so you would not expense them a second time. What are you going to do with the remaining Inventory? If you keep it around and then sell it, you would have to report the income in the (later) year of the sale probably as miscellaneous income.
When completing your schedule C Turbo Tax will ask you your business start date and close date and will walk you through completing your schedule C.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
odessan24
New Member
lotharlibby
New Member
msatherforlindse
New Member
jphilibotte
New Member
loner
Returning Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.