posted

I started an online store for used and rare books this year (2021) but purchased a lot of inventory to stock my sight in 2020. is this considered a startup cost?

2 Replies

I started an online store for used and rare books this year (2021) but purchased a lot of inventory to stock my sight in 2020. is this considered a startup cost?

No.

ratings image

I started an online store for used and rare books this year (2021) but purchased a lot of inventory to stock my sight in 2020. is this considered a startup cost?

Inventory is a special category and is used to determine cost of goods sold (COGS).

See https://ttlc.intuit.com/community/tax-topics/help/do-i-need-to-report-inventory/00/1700549

Found what you need?

Already have an account? Sign In

(4.6/5 | 291,310 reviews)

Top help articles

view all

Where do I enter or import a 1099-B?

When do I need to include my 1099-B with my re...

How do I find a stock's cost basis?

Still have questions?

Make a post

Or browse the Forums

v

ABCDEFGHIJKLMNOPQRSTUVWXYZabcdefghijklmnopqrstuvwxyz0123456789-_~