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Get your taxes done using TurboTax
I have a complicated question that sort of follows this thread. My wife has turned her hobby of making girls hair bows and clips into a business. She has spools of ribbon that may have cost $1.00-$3.00 each and she has hundreds of these spools. Some were purchased in 2013 when she turned the hobby into a business and some were accumulated when it was a hobby.. Should she unravel each spool to determine how many total yards she has? We have the receipts from the purchases so can we add up the inventory that way?
May 31, 2019
4:47 PM