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reselling online donation deductions
i have a small business reselling online and would like to know where do i list the unsold items that i have donated to charity? I have removed them from the inventory, $2900.00 worth at FMV following It's Deductible, but would like to record the value as a deduction for the business. Where do i record this? I entered it on the personal side in charitable donations, however I will file with the standard deductions. So where do i record all my donated unused inventory for 2021?
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March 26, 2022
2:01 PM