Solved: Materials and Supplies "carryover"?
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go2sea
New Member

Materials and Supplies "carryover"?

Let's say I had $15k in Materials and Supplies last year, but didn't use any of it because I didn't sell any finished products. Would I enter $15k this year again (because that's the materials and supplies I still have), or $0, because I didn't buy any more materials and supplies this year?
1 Best answer

Accepted Solutions
Fern
New Member

Materials and Supplies "carryover"?

You would enter $0 because you did not buy any materials and supplies this year.

You reported the amount in your prior year tax return.

View solution in original post

1 Reply
Fern
New Member

Materials and Supplies "carryover"?

You would enter $0 because you did not buy any materials and supplies this year.

You reported the amount in your prior year tax return.

View solution in original post

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