I will be shutting down an online sales business after 20 years of operation. We have approx. $20,000 of inventory (based on cost) on hand that we cannot sell (shipping costs exceed what we can sell the items for). What is the best way to get rid of the inventory for tax purposes? Do we need to sell it all for some very low amount (whatever we can get for it, even if $100) or is there another way? My research leads me to believe that donating it to charity would not allow us to claim the cost as a business expenses, but please correct me if I am wrong.
