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

Consignment shop owner also sells her own personal clothing items. Should that be taken out of the income since she sells them at a loss?

Highlighted
Level 5
last updated ‎December 06, 2019 10:01 PM
 
Labels (1)
0 Cheers
1 Solution

Accepted Solutions
Highlighted
Level 12
last updated ‎December 06, 2019 10:01 PM

I would say yes.  The clothes were not bought for business purpose and were only use for personal use.  That makes it a non-deductible personal loss.

View solution in original post

0 Cheers
1 Reply 1
Highlighted
Level 12
last updated ‎December 06, 2019 10:01 PM

I would say yes.  The clothes were not bought for business purpose and were only use for personal use.  That makes it a non-deductible personal loss.

View solution in original post

0 Cheers