If you have inventory at the end of the year, can you claim 0 as a complete loss if you do not plan to continue the business?

[deembaker870]

Started sole proprietorship 2017. Last sold in Dec 2017 with inventory but I am closing the business

[DianeW]

Yes, if the inventory is disposed of you should put a zero for ending inventory.  If, however, you are withdrawing any of the inventory now for personal purposes or personal use then you should list the cost of that portion of the inventory in the box labeled "Purchases withdrawn for personal use".

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