What do i enter as cost of goods sold if some goods taken from inventory and some new purchases then business closed and all remaining inventory sold?

[DianeW · Accepted solution]

While you are in the cost of goods you should enter the beginning inventory from 2015, which if you transferred information may already be recorded for you.

1. Enter the cost of purchases for the current year, 
2. enter the inventory that was withdrawn for personal use, 
3. enter the ending inventory which would be zero because you sold all remaining inventory.

Be sure to include all money collected from all sales in your business, then you can also indicate the business was closed in the Business Profile.

You can go directly to the area to review your information by following these steps.

TurboTax online version:

1. Sign into your account and select your current return.

2. Select  My Account on the top right and then select Tools

3. Select Topic Search (see attached image)

4. Search for business and select Go

5. Select Edit next to your business

6. Update the Business Profile, then proceed to other areas for the question if necessary.

TurboTax desktop version:

1. Search box in the upper right

2. Search for business, schedule c

3. Jump to business. schedule c

4. Continue to Edit your business

5. Update the Business Profile