2264252
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

YvieP5206
New Member

What do I do with inventory that didn't sell and I've quit selling the product

I used to sell Scentsy but quit doing that in 2020.  I had a lot of inventory that didn't sell.  How do I show it as a loss?  

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies
M-MTax
Level 12

What do I do with inventory that didn't sell and I've quit selling the product

What did you do with the unsold product? If you kept it then it's still inventory in a technical sense and you can't show a loss. If you dumped it or gave it away your ending inventory is $0 and you can show a loss.

YvieP5206
New Member

What do I do with inventory that didn't sell and I've quit selling the product

Thank you!  Some of it is no longer good (wax) because it doesn't smell anymore, so it went in the trash.  Other wax, I'm keeping to use myself.  The warmers are being donated to a non-profit this weekend.  How do I show that in Turbo Tax?

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question