Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

cash basis inventory

jgcpa
Level 4

 I have a client who sells thermometers and other health products on ebay. This is a small taxpayer- Cash basis. Taxpayer wants to stock up on products to be sold and get the deduction. As a cash basis, small taxpayer, does TP still need to track inventory- ie only deducts Cost of Goods literally sold during the year, not just purchased? 

 

 

Labels (1)
0 Cheers
1 Solution

Accepted Solutions
abctax55
Level 15

1)  No need to post twice

2) Pick which software you are *actually* using, and stick with that thread.

Thanks.

(I wanna be a member of the pot stirring club too)

View solution in original post

1 Reply 1
abctax55
Level 15

1)  No need to post twice

2) Pick which software you are *actually* using, and stick with that thread.

Thanks.

(I wanna be a member of the pot stirring club too)

View solution in original post