Hi @ZoltanB45,
I have been selling music instruments online. now want to retire. How do I handle damaged inventory ($2300) which are not sellable, they were purchased back in 2008(the last purchase for the business). There's $0 sales in 2021, want to close business. what is the proper way to report this inventory on schedule C? can I enter $0 as EOY inventory, and the full $2300 as COGS therefore would be a loss of $2300 for 2021?
Background infor: in the past few years, the sales are less than $10k therefore the scale of business is very small.
thank you!
