I ended my Mary Kay business do I need to list inventory? I sold back everything I could and got rid of the rest of my inventory so I have nothing now. Also do I have to report the 90% buy back on the products i purchased somewhere?
Yes, when you get to the business section, continue your entries as if you were entering your business. TurboTax will ask you if you stopped your business during the year; answer yes to this question. The program will ask for more information on how you closed the business.
Continue through the interview process for the business. The program will ask about income and expenses, and about any assets that the business had, and about your inventory. For more information visit the following links for both IRS and TurboTax information on closing a business:
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