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I stopped selling Mary Kay end of 2016. Disposal of inventory some for personal use; destroy old product; donate to women's shelter.
Where do I make the entries on Schedule C reflecting what I did with the inventory:
Destroyed product
Personal Use
Donation to Women's Shelter
Also does this get subtracted for ending inventory? Should I put 0 at the ending inventory?
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June 6, 2019
5:40 AM
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Deductions & credits
Inventory converted to persoanl use goes on line 36 of schedule c as a negative number.
Items donated to charity first are converted to personal use (see above); then you deduct them on schedule A as a charitable contribution.
You should put 0 at the ending inventory. That means anything discarded/destroyed is written of as "Cost of goods sold".
June 6, 2019
5:41 AM