New Member

posted Jun 4, 2019 4:21:04 PM

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?

0

1

552

1 Replies

Level 15

Jun 4, 2019 4:21:05 PM

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_4231463