How to value "inventory" of salvaged junk for tax puposes ???
This is a discussion on How to value "inventory" of salvaged junk for tax puposes ??? within the Tax Issues forum, part of the BUSINESS & FINANCE LAW category; Hoping somebody can assist here.. I've run a small property maintenance business for many years .. always considered a "service" ...
![]() |
|
|
Thread Tools | Search this Thread | Rate Thread | Display Modes |
|
|
#1 |
|
Guest
Posts: n/a
|
Hoping somebody can assist here..
I've run a small property maintenance business for many years .. always considered a "service" business with no inventory. Over the years I've salvaged books & misc. small objects rather than take them to the local dump .. eventually filling a garage with such "junk". Recently I've begun to cull through and discard most of it .. excepting some books & paper goods I've listed for sale on Amazon. Last year sale of these books etc. was a few hundred dollars... with another several hundred books listed but unsold. Do I now have "inventory" that must be accounted for on my Schedule C ?? Do I need to declare & value such items or can I simply sell them off and declare the proceeds as "miscellaneous business income incidental to my other revenues. If my accounting method is "cash" and my cost basis for the stuff is zero .. is the value of this "inventory" zero from beginning to end. any advice appreciated Dazed N. Confused |
|
![]() |
| Bookmark & Share |
| Tags |
| None |
| Thread Tools | Search this Thread |
| Display Modes | Rate This Thread |
|
|
|
||||
| Thread | Thread Starter | Forum | Replies | Last Post |
| U.S. terror suspects spoke of "jihad": FBI wiretaps (Reuters) | Yahoo!_news | Crimes and Trials News | 0 | Aug 4th, 2009 04:30 PM |
| MTV's "True Life" Looking for Parents Estranged from their Child(ren) | MTVTrueLife | Child Custody & Support | 0 | Jul 20th, 2009 03:17 PM |
| Judge was confused as why they were going to "dismiss the charge" and not "nolle" it | Unregistered | Drunk Driving, DUI, DWI | 2 | Jun 19th, 2008 12:38 AM |
| Is a peace bond and probation the same thing? "confused" (Alberta, Canada) | Unregistered | Other Criminal Law Matters | 1 | Apr 5th, 2008 08:30 PM |
| validity of "loan" written on check memo without an agreement for repayment | Unregistered | Business Contracts & Partnerships | 1 | Mar 7th, 2008 07:12 PM |
Criminal law issues? Contact leading defense lawyers now! Free immediate consultation!
All times are GMT -5. The time now is 08:12 AM.









Linear Mode

