SOLVED BY PHONE EXPERT! 😊 STEP 3 (SPECIAL SITUATION) IS CORRECT 👍
I closed my business for the current 2024 reporting year. I have remaining obsolete Inventory.
Step 1.) for Business Profile, changed "Disposed of Business in Current Year" to YES.
Step 2.) for Inventory / COGS, changed "Let's Get Value of Your Inventory" for END of 2024 to $0.
Step 3. ???) for Final Details - Special Situations, should I select "During 2024, I disposed of nondepreciable business assets ......" where the "Learn More" link mentions INVENTORY as an example???
I intend to DISPOSE of the obsolete inventory by simply discarding it, and NOT attempting any form of SALE (mentioned in other screens).
So, do I have this "Other Business Situation" or not ???? ----> YES! 👍
THANKS!!!
