I have a food trailer and bought a lot of food for the solar eclipse, I had 3 sales, can I write off all of the food even though it was not used?

russlindberg27 · ‎June 4, 2019

The concession trailer is not used continuously, specific events only, I did not have any other events afterwards to use the food for.

Vanessa · ‎June 4, 2019

Possibly, this depends on what you did with the food. If you threw it out or it spoiled then it can be written off. To do this you will

go to the Business Summary
Click Start or Update next to Inventory/Cost of Goods Sold
Yes, I have inventory to Report then Continue
Choose your inventory valuation method (cost is used by most small businesses)
Enter your beginning and ending inventory
Enter the costs where it says Costs of Purchases. For any food you personally used or donated you will enter that under Purchases Withdrawn for Personal Use.

Note: If you used any of it for personal use you will not get any type of Write off for it what you used or donated.

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Vanessa · ‎June 4, 2019

Possibly, this depends on what you did with the food. If you threw it out or it spoiled then it can be written off. To do this you will

go to the Business Summary
Click Start or Update next to Inventory/Cost of Goods Sold
Yes, I have inventory to Report then Continue
Choose your inventory valuation method (cost is used by most small businesses)
Enter your beginning and ending inventory
Enter the costs where it says Costs of Purchases. For any food you personally used or donated you will enter that under Purchases Withdrawn for Personal Use.

Note: If you used any of it for personal use you will not get any type of Write off for it what you used or donated.

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

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