MonikaK1
Expert Alumni

Get your taxes done using TurboTax

If you purchased a game console at the end of 2021 and returned it for a refund in early 2022 when you were no longer operating a business and it was never recorded as business inventory or held for later resale as an investment, then it was simply a personal item returned for a refund and does not need to be reported on a tax return.

 

See this tax tips article for more information on business expenses.

See this tax tips article for more information on the purchase and sale of assets for investment.

 

 

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