MichaelMc
New Member

Business & farm

If you have closed your business, the value of your final inventory is going to be zero. You will have either:

  • Sold the inventory,
  • Abandoned the inventory as worthless, or
  • Withdrawn the inventory for personal use.

In the first two cases, the carrying value of the inventory will move to cost of goods sold. In the case of withdrawal, you will enter the value on Schedule C (Form 1040) line 36.

View solution in original post