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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? 

 

 

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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.

"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"

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1 Comment 1
abctax55
Level 15

1)  No need to post twice

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

Thanks.

"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"