Solved: Can I deduct some paintings that I can no longer sell in my business? Either they are damaged or unable to sell (couldn't sell in a year).

Can I deduct some paintings that I can no longer sell in my business? Either they are damaged or unable to sell (couldn't sell in a year).

posted

As you hold these paintings for resale, you can deduct the loss by reducing the value of the inventory at year end. This will increase your cost of goods sold and reduce the profit of your business.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

As you hold these paintings for resale, you can deduct the loss by reducing the value of the inventory at year end. This will increase your cost of goods sold and reduce the profit of your business.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"