Solved: I gave away some booklets for promotional purposes in my LLC. I normally sell the booklets. What amount can I write off? The difference between the cost of the book and the normal sales amount?
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest second stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
New Member

I gave away some booklets for promotional purposes in my LLC. I normally sell the booklets. What amount can I write off? The difference between the cost of the book and the normal sales amount?

 
1 Best answer

Accepted Solutions
Level 15

I gave away some booklets for promotional purposes in my LLC. I normally sell the booklets. What amount can I write off? The difference between the cost of the book and the normal sales amount?

No, you write off the cost of the book. But,  you do it by simply reducing your inventory for the booklets you gave away. That is, your deduction is already included in cost of goods sold. You do not take an additional deduction for it.

View solution in original post

1 Reply
Level 15

I gave away some booklets for promotional purposes in my LLC. I normally sell the booklets. What amount can I write off? The difference between the cost of the book and the normal sales amount?

No, you write off the cost of the book. But,  you do it by simply reducing your inventory for the booklets you gave away. That is, your deduction is already included in cost of goods sold. You do not take an additional deduction for it.

View solution in original post

Dynamic Ads
v
Privacy Settings