Can unsold tickets bought for resell that were never sold or used be included on purchases (Line 36) on Sch. C? Since event is past are they excluded from ending inv?

kaisergerhardt · ‎June 4, 2019

During 2017 I started a business buying and reselling tickets to sporting events, concerts & theater. I am filing a Schedule C and my beginning inventory will be 0 and I had Inventory left at the end of 2017. I had some tickets that did not sell and where not used by me or anyone else. When entering my purchases on line 36 can I include those tickets that did not sell? Also, would those unsold worthless tickets have to be included in my ending inventory or can the be removed since the event has passed?

Hal_Al · ‎June 4, 2019

Your plan is the correct way to do it: enter the tickets as purchases; but exclude the worthless tickets from ending inventory

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Can unsold tickets bought for resell that were never sold or used be included on purchases (Line 36) on Sch. C? Since event is past are they excluded from ending inv?

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