|
#1
06-02-2006, 05:56 AM
| |||
| |||
 Re: How do I deal with inventory on Schedule C when I closed my business? "drummom" <dkandk[at]bellsouth.net> wrote - quote - > I closed my business which was a sole proprietorship on July
It doesn't really matter, because you never took a deduction> 1, 2005. I had approximately $2900 worth of inventory that I > just kept and paid the sales tax on. Do I report that on > the Schedule C, Part III , Line 36 as items withdrawn for > personal use and then have $0 for inventory at the end of > the year? for the inventory you now have. Since you paid for it (at wholesale cost) you can use it or give it away if you like. **You would need to pay sales tax on your cost if you haven't already** The only reporting that needs to be done is if you were to sell it to someone, then use Schedule C again. -- Paul Thomas, CPA paulthomascpapc[at]bellsouth.net << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
|
06-02-2006, 04:20 AM
| |||
| |||
| Re: How do I deal with inventory on Schedule C when I closed my business? drummom wrote: - quote - > I closed my business which was a sole proprietorship on July
You list the value of inventory as of July 1st, which was> 1, 2005. I had approximately $2900 worth of inventory that I > just kept and paid the sales tax on. Do I report that on > the Schedule C, Part III , Line 36 as items withdrawn for > personal use and then have $0 for inventory at the end of > the year? the 2900$. And it all comes out in the wash. ChEAr$, Harlan Lunsford, EA n LA << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
|
#-1
04-10-2006, 05:57 AM
| |||
| |||
| How do I deal with inventory on Schedule C when I closed my business? I closed my business which was a sole proprietorship on July 1, 2005. I had approximately $2900 worth of inventory that I just kept and paid the sales tax on. Do I report that on the Schedule C, Part III , Line 36 as items withdrawn for personal use and then have $0 for inventory at the end of the year? << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
| Tags |
| business, closed, deal, inventory, schedule |
Similar Threads | ||||
| Thread | Forum | Replies | Last Post | |
| Business Assets vs. Home Inventory...??? DRUAngell: Should I create Asset Accounts for my business assets like computer equipment, machinery, etc? Or should I just include those things with my Home... | Microsoft Money | 1 | 10-15-2007 06:02 AM | |
| Questions about Inventory in Money Business DRUAngell: Awhile back when I first started actually using Money for business transactions I started playing with Inventory. I added a couple of products... | Microsoft Money | 6 | 09-22-2007 04:24 AM | |
| schedule c. Inventory vs. supplies Ritchie: I wonder if anybody out there can help me with a tax filing question. I started a small (very small) home business in 2002 selling books on line... | Taxes | 2 | 04-18-2004 05:53 PM | |
| Thread Tools | |
| Display Modes | |
| |
Linear Mode
