I use cash method on my tax return, can i deduct all inventory cost at the same tax year of purchase instead of waiting the inventory is sold. If so, should i use the cost of goods sold form, or deduc...
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I use cash method on my tax return, can i deduct all inventory cost at the same tax year of purchase instead of waiting the inventory is sold. If so, should i use the cost of goods sold form, or deduct them as "Other deductions"
I use cash method on my tax return, can i use accrual method for inventory (use cost of goods sold form, Beginning inventory + Purchase - ending inventory) ? Thanks
posted
February 15, 20241:03 PM
last updated
February 15, 20241:03 PM
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I use cash method on my tax return, can i deduct all inventory cost at the same tax year of purchase instead of waiting the inventory is sold. If so, should i use the cost of goods sold form, or deduct them as "Other deductions"
Triplicate question.
*A reminder that posts in a forum such as this do not constitute tax advice. Also keep in mind the date of replies, as tax law changes.