I closed my business in December of 2015. In the end, I have about 12,500 dollars in inventory that I want to keep for personal use. Do I claim that my inventory is 0, then claim 12, 500 for purchases withdrawn for personal use? Or do I claim 12, 500 in inventory, then zero it out by claiming 12,500 for purchases withdrawn for personal use? I am a sole proprietor. I do not want to donate or destroy my inventory. I am reading a lot of conflicting information.
