- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Business & farm
Well you have a couple of options ...
1) deduct the total cost as an expense on the sch C then if you ever sell any you will need to report the gain as ordinary income later since you convert the to personal property.
2) enter it as inventory then continue the business and sell them off for what you can... then file a final Sch C when you have liquidated your inventory.
‎July 2, 2020
6:44 PM