Hi @Carl
you sound extremely knowledgeable. I have a similar question for you and anyone else who might know. I recently closed my online pet clothing business in early 2018. My last online sale was early 2016. Because I didn’t make money 2017 I never reported a schedule c for 2017 so my last schedule c was on my 2016 taxes which had an ending inventory of $1500 which was incorrect bc years prior I never added the new inventory purchased since 2010!! The actual correct number is approx $19,000- $20,000 of remaining inventory now. Clearly I can’t amend further than 2017 at this point so what do you recommend me to do that I can maximize tax benefit from my business loss? Can I depreciate the value of my remaining inventory or would I get more deduction if I donate it? Or should I leave everything alone and move on since I haven’t gotten an audit for not officially closing out my business on my taxes?
