topic Sch C End of Year Inventory in Business & farm

Sch C End of Year Inventory

gentryv42 — Sat, 01 Jun 2019 06:32:16 GMT

I was looking at last year's Sch C and noticed the line for the End of Year Inventory (line 41) is blank. It should have been 0 anyway.

Do I need to include a explanation to the IRS for having 0 on this year's return for the starting inventory because for some reason it wasn't filled in last year?

No, you don't need to include a explanation to the IRS fo...

MichaelDC — Sat, 01 Jun 2019 06:32:17 GMT

No, you don't need to include a explanation to the IRS for having 0 on this year's return. It's actually fairly typical. In addition, it makes sense that last year's ending inventory of "zero"/blank would be this year's starting. The fact that it was blank is a non-issue.

Thank you!

gentryv42 — Sat, 01 Jun 2019 06:32:19 GMT

Thank you!