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I closed my small business in 2017, and the inventory I had…

Customer Question
I closed my small...

I closed my small business in 2017, and the inventory I had left over was donated to Planet Aid. 1st question, how do I report that on my tax return?

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

The donation was for about $9500.00 (my cost) and was donated in February, 2018. They sent me a W-9. Also, do I write a letter to IRS to inform them of my closing?

Accountant's Assistant: Is there anything else the Accountant should be aware of?

No, I don't think so.

Submitted: 3 months ago.Category: Tax
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Answered in 17 minutes by:
3/26/2018
Tax Professional: Lev, Tax Advisor replied 3 months ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,112
Experience: Taxes, Immigration, Labor Relations
Verified

Hi and welcome to our site!

You wrote - I closed my small business in 2017

can you clarify - how your small business was organized?

was that a solo proprietorship? partnership? or a corportaion?

I am asking because there might be different ways to report disposition of inventory.

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