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cash basis and inventory/cost of goods sold
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jgcpa
Level 4
12-22-2020
09:26 PM
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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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1 Comment 1
abctax55
Level 15
12-22-2020
09:40 PM
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Please don't post the same question twice:
"*******Tax software is no substitute for a professional tax preparer*******
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