I've operated a photography business (for newborns) since 2019 as a sole proprietor. I'm planning to close the business at the end of this year, and have questions about selling some of the items that I've expensed in recent tax years.
I have many items I'd like like to sell (blankets, bonnets, etc.), and they will all sell for less than I originally paid. Can someone tell me the tax implications of selling these items? How do they get reported? For example, let's say I sell an outfit for $20 that I purchased for $100. I know Turbo Tax will walk me through the process, but I'd like to understand the tax consequences in advance. Thanks!
