I closed my LuLaRoe business in 2017. The company bought back all of my inventory. Do I report this as income or as a sold asset?

[PaulaM · Accepted solution]

Under the General Info section of your business indicate that you stopped the business in 2017. This will remove the schedules/worksheets going forward.

Report the sale as income and reduce your inventory to a 0 ending value. Enter the sale of the inventory in the Additional Income (report as you would other sales) category of your business.

Under expenses for your business, select Inventory and enter your beginning 2017 inventory value and the ending 2017 value of '0'. Continue to enter and purchases or supplies you had for the year to calculate the cost of goods sold for the year.