business inventory carry over

[Lisa146]

The business inventory 2023 did not carry over to the beginning inventory of 2024, do I have to enter it from the previous year and also do I have to enter the beginning and ending inventory to ensure that it will carry over each year.

Lisa146

[LindaS5247]

Yes, you will enter your beginning inventory for 2024. This will be asked of you when you prepare your Form Schedule C under Cost of Goods Sold.

If your business produces income by manufacturing, selling, or purchasing goods, you can deduct some of your expenses in the Cost of Goods Sold section of your Schedule C. In order to complete this section, you will need to input your beginning and ending inventory amounts.

In general, companies that make and sell products or buy and resell its purchases calculate their cost of goods sold.

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