Skip to main content
April 11, 2025
Solved

Closing Business => Zero out Ending Inventory => Other Business Situation Disposing of NonDepreciable Assets -- !SOLVED!

  • April 11, 2025
  • 1 reply
  • 0 views

SOLVED BY PHONE EXPERT!  😊        STEP 3 (SPECIAL SITUATION)  IS CORRECT 👍

 

I closed my business for the current 2024 reporting year.  I have remaining obsolete Inventory.

 

Step 1.)  for Business Profile, changed "Disposed of Business in Current Year" to YES.
Step 2.)  for Inventory / COGS, changed "Let's Get Value of Your Inventory" for END of 2024 to $0.

 

Step 3. ???)  for Final Details - Special Situations, should I select "During 2024, I disposed of nondepreciable business assets ......" where the "Learn More" link mentions INVENTORY as an example???

I intend to DISPOSE of the obsolete inventory by simply discarding it, and NOT attempting any form of SALE (mentioned in other screens).

 

So, do I have this "Other Business Situation" or not ???? ----> YES! 👍

 

THANKS!!!

 

Best answer by RobertB4444

Yes.  You will sell your inventory for zero dollars.  That will allow you to take the loss for the inventory in the final year.

 

@IllinoisOwl 

1 reply

April 14, 2025

Yes.  You will sell your inventory for zero dollars.  That will allow you to take the loss for the inventory in the final year.

 

@IllinoisOwl 

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