MinhT
Expert Alumni

Business & farm

The loss is the consequence of your selling your inventory below cost. You report in TurboTax the actual amount you received when you liquidated the inventory. You also enter all other expenses you have for the business.

Your business loss will offset your other income for the year and if there is still a net operating loss (NOL), this loss can be carried backward to the 2 preceding years or carried forward to future years.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post