Thanks. And turns out this is one step easier for me. I didn't even remember there is a line on the tax forms for "inventory at end of year." I have all the old tax years' forms and have the last...
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Thanks. And turns out this is one step easier for me. I didn't even remember there is a line on the tax forms for "inventory at end of year." I have all the old tax years' forms and have the last...
Thanks for the answers. I really appreciate the time taken. I guess I was looking to see if there was a real IRS official answer, like if I don't have receipts I have to count it all as $0 basis, and...
First, are we talking $10,000, $1000, or $500 worth of beads at an estimated price? If it is under $1000, do an guesstimate and move on. If it is a couple hundred dollars, just posting on this thread...
The only way you're going to be able to do this is to price similar beads and assign your inventory a value. Or actually do a real inventory, find as many receipts as you can, and determine the value...
So basically you have no inventory system, not many receipts, and don't know your cost and sales numbers. Yes, it's going to be difficult to just guess a value or any other numbers like that. In...
I may have some old receipts, but I don't think I could match up the merchandise. Imagine it this way: I buy an estate lot of different amounts of 100 types of beads (total 100,000 beads) for $1000....
I am restarting an old eBay business after 12 years away. I was a powerseller for many years, but never officially ended the business with the IRS - my dad got sick and in taking care of him, I sold...