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I am working on my small business tax return. I closed the…

I am working on my...
I am working on my small business tax return. I closed the retail store in 2017, and the left over inventory was donated to Planet Aid (about $9500.00 worth)/. I donated it in February, 2018. How do I report this, or do I wait until 2018 to report it as donated? Also, how do I report to IRS that I have closed up shop?
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Answered in 1 minute by:
3/26/2018
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,613
Experience: 15years with H & R Block. Divisional leader, Instructor
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Customer reply replied 27 days ago
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Customer reply replied 27 days ago
I did not receive an answer yet

You will claim the donation when you file the 2018 return. Your amount is the fair market value of the inventory less any amount you would have received if you had sold at FMV. That is pretty much your cost for the items. Claim on your Schedule A .

If this is a sole proprietorship no, you are not required to report that you closed t the IRS.

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Please let me know if you need more information because you have not responded yet.
If not then please scroll up to see the STARS to rate so I am credited.

Robin D.
Robin D., Senior Tax Advisor 4
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Customer reply replied 27 days ago
Thank you so much.
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