topic Inventory in Business & farm

Inventory

yz226202 — Wed, 11 Feb 2026 05:37:21 GMT

I have inventory that didn't sell. Where do I put that on the TurboTax program

Re: Inventory

Vanessa A — Thu, 21 Mar 2024 13:48:46 GMT

It should be in your remaining inventory balance.

If you go into the business section of TurboTax, you will be able to select Start next to Inventory/COGS. Then you will select Yes, I have inventory, then it will ask you for your beginning and ending inventory. Your ending inventory, remains on your books until it is sold.

Re: Inventory

Mike9241 — Thu, 21 Mar 2024 15:37:52 GMT

The IRS has rules for inventory. What method did you adopt when starting your business cost, lower of cost or market, other?

cost - you are stuck the only legit method is to dispose of the items then they are no longer in your inventory so you get the write-off.

lower of cost or market, the items can be written down to salvage value.

other can't say.