How do I document the value of inventory that I inherited on the Schedule C? I run a small business (a single member LLC) that resells used merchandise online and at flea markets/craft fairs/antique malls. My grandparents and my mother in-law both passed away and since I sell “junk” my family gave me a very large amount of stuff to resell. I don’t know how to document the value of this acquired inventory. As of right now my schedule C looks like I generated $100k in revenue from a previously nonexistent inventory of products.