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posted Jun 3, 2019 10:59:07 AM

Do I need to submit a sales/inventory spreadsheet?

I am a Poshmark/Ebay clothing reseller. This is my first year and I am wondering at year end next tax season will the IRS need my sales/inventory spreadsheet?

What type of sales/inventory information do I need to provide if so?

I am trying to keep this as simple as possible.


Thanks!

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1 Replies
Employee Tax Expert
Jun 6, 2019 1:56:00 AM

Keep the sales/inventory spreadsheet for your records. The IRS does not need this information with your filed return, but you should always keep documentation that supports your return, should they inquire about income/deductions.

Rule of thumb: keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later.

https://www.irs.gov/businesses/small-businesses-self-employed/how-long-should-i-keep-records