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?

missjaimedenise · ‎January 22, 2020

LeonardS · ‎January 22, 2020

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

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KathrynG3 · ‎January 23, 2020

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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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?