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

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

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?
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
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 Then you would enter the items on the line: Purchases Withdrawn for Personal Use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.

 

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies