ron2024
Returning Member

I use cash method on my tax return, can i deduct all inventory cost at the same tax year of purchase instead of waiting the inventory is sold. If so, should i use the cost of goods sold form, or deduct them as "Other deductions"

I use cash method on my tax return, can i deduct all inventory cost at the same tax year of purchase instead of waiting the inventory is sold. If so, should i use the cost of goods sold form, or deduct them as "Other deductions"