thank you, I am purchasing items such as balls, helmets, jerseys. Then I am getting them signed and then authenticated and then selling on ebay. It's difficult to track the inventory. It would be much simpler to use the cash method of accounting, just tracking expenses and income.
I read this and assumed I could use the cash method:
- However, if your business' annual gross receipts for the last three tax years average out to $26 million or less per year, you can opt to use the cash method and expense the cost of inventory at the time it was purchased, rather than waiting until after it's been sold.
