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cindy246
New Member

I want to close my LuLaroe business on 12/31/17. I have several thousand dollars of inventory left. If I donate the remaining inventory what will the final value be?

When reporting the items donated, do I use the wholesale price I paid or the price I would have sold them at retail?

This feature is pending. Thanks for your patience.
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1 Reply
Hal_Al
Level 15

I want to close my LuLaroe business on 12/31/17. I have several thousand dollars of inventory left. If I donate the remaining inventory what will the final value be?

Simple answer: You use the wholesale price, or what you actually paid for it.
It's complicated; see https://ttlc.intuit.com/questions/2579678-donating-business-inventory-books-deduction?jump_to=answer...
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