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  #1  
Old 03-29-2022, 03:56 PM
Jason19th Jason19th is offline
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The issue really isn’t inventory. You need to match up gross sales with the cost of those items to get net sales. Then you can take other allowed business expenses
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Old 03-29-2022, 04:07 PM
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The issue really isn’t inventory. You need to match up gross sales with the cost of those items to get net sales. Then you can take other allowed business expenses
I have the costs. I'm just trying to figure out whether to include (in my ending inventory total) items that are not yet listed for sale.

For instance, I listed a few items today. I've had them for a decade (or more) but didn't have them listed for sale as of 12/31. Should they be included in my ending inventory total for my tax return next month?
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  #3  
Old 03-29-2022, 04:22 PM
Jason19th Jason19th is offline
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1st You should talk to a tax professional
2nd I don’t believe that inventory should be used in the manner you are. In many business inventory is what’s called fungible which means that basically every item of inventory is the same as the others. For example if you sell paper each box of paper is the same. In these business you often calculate gross income by examining beginning and ending inventory. Sports cards are different however because each card or set is unique in you inventory. Once you sell a card you don’t have another just like it that is still in your inventory. For most sports card seller therefore there income has little to do with inventory. The relevant measure is what items did you sell and what is your cost of an item. For example you sold a 1935 Goudey for 10 dollars. If you paid 5 dollars for that specific card your net sale is 5.00 on that item
Last edited by Jason19th; 03-29-2022 at 04:23 PM.
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Old 03-29-2022, 04:57 PM
robertsmithnocure robertsmithnocure is offline
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Interesting question.

Calling BobC!
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  #5  
Old 03-29-2022, 05:24 PM
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When it comes to tax questions, sometimes you just gotta ask, "Where the hell are you BobC ?"
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Old 03-29-2022, 05:54 PM
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When it comes to tax questions, sometimes you just gotta ask, "Where the hell are you BobC ?"
Alan is correct. However, consult the tax professional that you use and that is not Turbotax.
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Old 03-29-2022, 07:20 PM
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Alan is correct. However, consult the tax professional that you use and that is not Turbotax.
Don't forget Turbotax actually hires tax professionals to offer online assistance to people that want it. I know someone who was doing that a couple years ago. Good, knowledgeable guy was the Controller for Greats Lakes Brewing at one time. Just trying to follow the Turbotax instructions yourself, now that's a different story. LOL
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  #8  
Old 03-29-2022, 06:54 PM
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When it comes to tax questions, sometimes you just gotta ask, "Where the hell are you BobC ?"
Over under on the length of the response when Bob posts?
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Old 03-29-2022, 06:58 PM
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Over under on the length of the response when Bob posts?
Characters, words, sentences, or paragraphs?

(in all seriousness, I am looking forward to a detailed response.)
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Old 03-29-2022, 07:24 PM
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Over under on the length of the response when Bob posts?
Am I going to have to start with the attorney jokes!
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  #11  
Old 03-29-2022, 08:23 PM
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Over under on the length of the response when Bob posts?
Over under on how many people try to give tax advice who are not CPA's?
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