Question

What do I do with inventory that didn't sell and I've quit selling the product

Forum|Forum|5 years ago
May 11, 2021
1 reply
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I used to sell Scentsy but quit doing that in 2020. I had a lot of inventory that didn't sell. How do I show it as a loss?

M-MTax

What did you do with the unsold product? If you kept it then it's still inventory in a technical sense and you can't show a loss. If you dumped it or gave it away your ending inventory is $0 and you can show a loss.

Y

YvieP5206Author

Thank you! Some of it is no longer good (wax) because it doesn't smell anymore, so it went in the trash. Other wax, I'm keeping to use myself. The warmers are being donated to a non-profit this weekend. How do I show that in Turbo Tax?