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Business & farm
Unfortunately, most taxpayers are on the cash basis, so there is no way to simply "down-value" inventory. Even though you may be quite certain that it's lost some value, you'll need to sell it to establish just how much of a loss you actually have.
If you sell for less than what you paid for it, then and only then will you have a loss for tax purposes.
‎June 3, 2019
1:29 PM