I have inventory that didn't sell. Where do I put that on the TurboTax program
You'll need to sign in or create an account to connect with an expert.
It should be in your remaining inventory balance.
If you go into the business section of TurboTax, you will be able to select Start next to Inventory/COGS. Then you will select Yes, I have inventory, then it will ask you for your beginning and ending inventory. Your ending inventory, remains on your books until it is sold.
The IRS has rules for inventory. What method did you adopt when starting your business cost, lower of cost or market, other?
cost - you are stuck the only legit method is to dispose of the items then they are no longer in your inventory so you get the write-off.
lower of cost or market, the items can be written down to salvage value.
other can't say.
Still have questions?
Make a postDid the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.