794085
You'll need to sign in or create an account to connect with an expert.
Probably not. If you deducted the cost of the inventory as a business cost, you already got a deduction. Your cost basis is zero. Generally, when you donate an item, your maximum deduction value is the fair market value or your cost basis, whichever is lower. (In this case, zero.) You deduct cost of goods sold, and you don't report any income from the items; that's your tax reduction.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
rodiy2k21
Returning Member
Lydia5181
New Member
ir63
Level 2
mmcdono7612
New Member
leon-hampton
New Member