We are closing our online business and still have $24,000 worth of inventory that was purchased in prior years. We have been unable to sell it, even at a price of $4,000. What can I do with it? Can I sell it for $100 and then just include the $100 income on my taxes and take the loss? Can I donate it to charity? The business is an LLC and we file schedule A. Our goal is to have the ending inventory be zero and be able to claim the cost of goods sold on the taxes, resulting in a loss for the year. We track inventory by listing the inventory at the beginning of the year and the end, and the difference is cost of goods sold.
