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Level 2

Question

ebay sales

Forum|Forum|2 years ago
April 3, 2024
1 reply
4 views

did not sell anything last year on ebay. do i have to claim a loss on cost of goods on inventory i still have but did not list or sell?

Level 15

No. If you are just carrying inventory, you do not need to report anything if you were inactive for 2023 and plan to do more in 2024.

If you closed for good, you would file a final return and include form 8594 with it to dispose of the inventory either by selling it or turning it into personal use.

There is a box to check as you walk through the business questions to say that the business is closed. If you select this box, TurboTax will walk you through the rest to report the disposal of assets.

The above information is for your federal return. State rules vary, but you may have additional reporting requirements with your state.

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Level 2

so just bypass Business for this year, not reporting anything and next years beginning inventories

is the same as ending this year correct?

Thank you for the help