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Where do I report items removed from costs of goods in 2021 reported as inventory at the end of 2020?

Where do I report items reported as inventory at the end of 2020, removed during 2021 for personal use?
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2 Replies
ColeenD3
Expert Alumni

Where do I report items removed from costs of goods in 2021 reported as inventory at the end of 2020?

You include your ending inventory from 2020 as the beginning inventory for 2021. Then you would enter the items on the line: Purchases Withdrawn for Personal Use

Where do I report items removed from costs of goods in 2021 reported as inventory at the end of 2020?

Thanks.

 

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