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R
ron2024
February 15, 2024
Question

I use cash method on my tax return, can i deduct all inventory cost at the same tax year of purchase instead of waiting the inventory is sold. If so, should i use the cost of goods sold form, or deduct them as "Other deductions"

  • February 15, 2024
  • 1 reply
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I use cash method on my tax return, can i use accrual method for inventory (use cost of goods sold form, Beginning inventory + Purchase - ending inventory) ? Thanks 

    1 reply

    Rick19744
    Rick19744
    February 15, 2024

    Triplicate question.

    *A reminder that posts in a forum such as this do not constitute tax advice.Also keep in mind the date of replies, as tax law changes.
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