topic Business closed; donated unsold books; don't qualify to itemize; can I deduct unsold books as a loss? in Deductions & credits https://ttlc.intuit.com/community/tax-credits-deductions/discussion/business-closed-donated-unsold-books-don-t-qualify-to-itemize-can-i-deduct-unsold-books-as-a-loss/01/250330#M31188 Sat, 01 Jun 2019 20:25:13 GMT cfarlow 2019-06-01T20:25:13Z Business closed; donated unsold books; don't qualify to itemize; can I deduct unsold books as a loss? https://ttlc.intuit.com/community/tax-credits-deductions/discussion/business-closed-donated-unsold-books-don-t-qualify-to-itemize-can-i-deduct-unsold-books-as-a-loss/01/250330#M31188 Sat, 01 Jun 2019 20:25:13 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/business-closed-donated-unsold-books-don-t-qualify-to-itemize-can-i-deduct-unsold-books-as-a-loss/01/250330#M31188 cfarlow 2019-06-01T20:25:13Z There is not a specific place to enter inventory that was... https://ttlc.intuit.com/community/tax-credits-deductions/discussion/there-is-not-a-specific-place-to-enter-inventory-that-was/01/250338#M31189 <P>There is not a specific place to enter inventory that was unsellable at the end of the year. &nbsp;The proper way to account for this inventory is to leave it out of your final inventory count. &nbsp;When you enter your ending inventory do not include the inventory that "went bad". &nbsp;This way you get a deduction for the cost of purchasing the inventory or the materials and supplies used to manufacture the inventory.</P><P>You will only get a deduction for the amount you paid to purchase the inventory. &nbsp;You do not get to deduct the "lost revenue" from not being able to sell the inventory.</P> Sat, 01 Jun 2019 20:25:14 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/there-is-not-a-specific-place-to-enter-inventory-that-was/01/250338#M31189 AlanT 2019-06-01T20:25:14Z Re: There is not a specific place to enter inventory that was... https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-there-is-not-a-specific-place-to-enter-inventory-that-was/01/1003276#M112975 <P>So one would have end of year inventory as "0"? I am just giving away my inventory and donating what I can. I have a lot of infant items and most places will not accept it.&nbsp;</P> Thu, 23 Jan 2020 02:56:13 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-there-is-not-a-specific-place-to-enter-inventory-that-was/01/1003276#M112975 sarahfbu 2020-01-23T02:56:13Z
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topic Business closed; donated unsold books; don't qualify to itemize; can I deduct unsold books as a loss? in Deductions & credits
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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/business-closed-donated-unsold-books-don-t-qualify-to-itemize-can-i-deduct-unsold-books-as-a-loss/01/250330#M31188
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Business closed; donated unsold books; don't qualify to itemize; can I deduct unsold books as a loss?
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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/business-closed-donated-unsold-books-don-t-qualify-to-itemize-can-i-deduct-unsold-books-as-a-loss/01/250330#M31188
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There is not a specific place to enter inventory that was...
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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/there-is-not-a-specific-place-to-enter-inventory-that-was/01/250338#M31189
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<P>There is not a specific place to enter inventory that was unsellable at the end of the year. &nbsp;The proper way to account for this inventory is to leave it out of your final inventory count. &nbsp;When you enter your ending inventory do not include the inventory that "went bad". &nbsp;This way you get a deduction for the cost of purchasing the inventory or the materials and supplies used to manufacture the inventory.</P><P>You will only get a deduction for the amount you paid to purchase the inventory. &nbsp;You do not get to deduct the "lost revenue" from not being able to sell the inventory.</P>
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<dc:creator>AlanT</dc:creator>
<dc:date>2019-06-01T20:25:14Z</dc:date>
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Re: There is not a specific place to enter inventory that was...
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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-there-is-not-a-specific-place-to-enter-inventory-that-was/01/1003276#M112975
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<P>So one would have end of year inventory as "0"? I am just giving away my inventory and donating what I can. I have a lot of infant items and most places will not accept it.&nbsp;</P>
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<pubDate>Thu, 23 Jan 2020 02:56:13 GMT</pubDate>
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<dc:creator>sarahfbu</dc:creator>
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