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Level 1

Question

I stopped selling Mary Kay end of 2016. Disposal of inventory some for personal use; destroy old product; donate to women's shelter.

Forum|Forum|7 years ago
June 6, 2019
1 reply
34 views

Where do I make the entries on Schedule C reflecting what I did with the inventory:

Destroyed product

Personal Use

Donation to Women's Shelter

Also does this get subtracted for ending inventory? Should I put 0 at the ending inventory?

TurboTax Home & Biz Windows

Level 15

Inventory converted to persoanl use goes on line 36 of schedule c as a negative number.

Items donated to charity first are converted to personal use (see above); then you deduct them on schedule A as a charitable contribution.

You should put 0 at the ending inventory. That means anything discarded/destroyed is written of as "Cost of goods sold".