Business Closure

Ended our direct sales business beginning of 2019.

0 revenue for 2019

we donated about 10k worth of close and then disposed of assets from the business.

How to we record this in our taxes?

posted

If you did not previously deduct the clothing, you can claim the donation as a charitable contribution.

You can't deduct the clothing twice.

Report the sale of the assets separately, and you're done.

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

Do you have an Intuit account?