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missjaimedenise
New Member

Hi! I was one of the many that got into lularoe. I closed my business at the beginning of the year and sold my inventory for half price when entering how does that look?

 
2 Replies
LeonardS
Expert Alumni

Hi! I was one of the many that got into lularoe. I closed my business at the beginning of the year and sold my inventory for half price when entering how does that look?

When you say you closed your business at the beginning of the year was the year 2019 or 2020.

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KathrynG3
Expert Alumni

Hi! I was one of the many that got into lularoe. I closed my business at the beginning of the year and sold my inventory for half price when entering how does that look?

The year you closed your business is the final year of operations. When the business is closed, you should be reporting that your ending inventory is -0-. 

 

So, if you did not sell the inventory until 2020, then you cannot close the business for 2019.

 

In TurboTax, from the left navigation pane, go to Federal>Income & Expenses>Self-Employment Income & Expenses>Edit/Add to update the activity for the year.

 

 

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