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artww2
Level 1
Apr 9, 2020 6:43 PM UTC
Question

inventory

what is considered inventory. As a Artist is my work considered inventory?

    1 reply

    AmyC
    AmyC
    Alumni - Intuit
    Apr 9, 2020 7:59 PM UTC

    Yes, According to the IRS Publication 538 - Internal Revenue Service:

    An inventory is necessary to clearly show income when the production, purchase, or sale of merchandise is an income-producing factor.

     

    For more help:

    Small Business and Self-Employed Tax Center - complete guide

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