I have an amazon consulting business and part of that business I buy products and sell them. I have lots of inventory I want to leverage as a loss to lower my taxes.

[lostnomad1]

How can I declare this as a loss as I no longer want to continue this part of my business? Im looking for something more than the minor donation deduction. 20-30k worth.

[tagteam]

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@lostnomad1 wrote:
How can I declare this as a loss as I no longer want to continue this part of my business?

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You can discard the unused inventory and deduct the cost as part of your cost of goods sold.

If you convert it to personal use, you will likely have some sort of gain when you ultimately sell it which will be taxable.