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write off inventory

1 reply
23 views

Hi. i didn't sell anything this year, but i had to throw away some inventory since it expired.

if my COGS is say 8000 and i throw away 1500 of inventory, then do i reduce my COGS to 6500?

then where to do i list my 1500 of inventory that i'm writing off / throwing away?

TurboTax Business Windows

M-MTaxAnswer

Level 15

Expert Reviewed

Your end of year inventory value will simply be $1,500 less, which will result in an increase to your COGS of $1,500.

M-MTaxAnswer

Level 15

Expert Reviewed

Your end of year inventory value will simply be $1,500 less, which will result in an increase to your COGS of $1,500.