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Get your taxes done using TurboTax
@polestol if this your first year, then as of Jan 1 your inventory was zero, then as of 12/31/2025 your residual inventory was say $XXX. You bought Inventory $YYY. Thus your COGS should be $YYY LESS $XXX. TurboTax will compute COGS from your entries.
Does this make sense ?
‎April 5, 2025
7:38 PM