I removed an item from inventory in 2017 for personal use, but included that item in my 2017 inventory end of year, do I have to file an amended returns for 2017 and 2018, I have filed a State amended tax return for 2017 paying the State use tax.
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@Kennethgmac wrote:
I removed an item from inventory in 2017 for personal use, but included that item in my 2017 inventory end of year....
That is going to change your CGS calculation. If your tax liability changes as a result (which it probably will), then you need to file an amended return.
Only one item? That's all? How much money are you talking about here? A $5 item? A $5,000 dollar item? Depending on the amount, there may be no need to amend anything for just one measly item of inventory.
I have filed a State amended tax return for 2017
How did you change the inventory count on the state return, without changing it on the federal return first? Did you amend via some method other than TurboTax maybe?
$18.25
I filed amended return short form by mail
That is state amended return short form by mail
and if your state has an income tax, if that tax liability changes you'll need to amend it, too. some states, like Illinois, require an amended federal return to be filed.
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