topic Inventory in Business & farm

Inventory

Kennethgmac — Sun, 20 Oct 2019 00:26:14 GMT

I removed an item from inventory in 2017 for personal use, but included that item in my 2017 inventory end of year, do I have to file an amended returns for 2017 and 2018, I have filed a State amended tax return for 2017 paying the State use tax.

Re: Inventory

Anonymous_ — Sun, 20 Oct 2019 01:06:52 GMT

@Kennethgmac wrote:

I removed an item from inventory in 2017 for personal use, but included that item in my 2017 inventory end of year....

That is going to change your CGS calculation. If your tax liability changes as a result (which it probably will), then you need to file an amended return.

Re: Inventory

Carl — Sun, 20 Oct 2019 01:55:35 GMT

Only one item? That's all? How much money are you talking about here? A $5 item? A $5,000 dollar item? Depending on the amount, there may be no need to amend anything for just one measly item of inventory.

I have filed a State amended tax return for 2017

How did you change the inventory count on the state return, without changing it on the federal return first? Did you amend via some method other than TurboTax maybe?

Re: Inventory

Kennethgmac — Sun, 20 Oct 2019 02:02:15 GMT

$18.25

Re: Inventory

Kennethgmac — Sun, 20 Oct 2019 02:28:17 GMT

I filed amended return short form by mail

Re: Inventory

Kennethgmac — Sun, 20 Oct 2019 02:30:45 GMT

That is state amended return short form by mail

Re: Inventory

Anonymous — Sun, 20 Oct 2019 04:22:33 GMT

and if your state has an income tax, if that tax liability changes you'll need to amend it, too. some states, like Illinois, require an amended federal return to be filed.