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Question

On my taxes in 2021 I had a direct sales business w/ inventory. In 2022, I had a significant loss, have the same inventory and no profit. How do I file this?

Forum|Forum|3 years ago
February 1, 2023
1 reply
0 views

Zero advertising expense, zero profit, had same inventory and paid website fees. Where does this reflect on my taxes?

TurboTax Live Self Employed

If your business was still active in 2022 but you had no sale income and the same inventory at year end but had some expenses, you can enter them your tax return.

Your Schedule C will show a loss. You report no income. You also report no purchases and the same number for opening and closing inventory. so your Cost of Goods sold is zero. Your loss will be equal to your expenses.

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