- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
If you are keeping an inventory, then you can report the cost of the items in the year that you decided to move them from personal to business merchandise. But, if you are not maintaining an inventory or you think you will change your mind about any of the items and decide to keep them for personal use, then it would be best to only report the cost in the year that the item is sold.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
3 weeks ago