I imported my inventory as part of a previous business, attempting to wholesale it. I stopped doing business for 2 years. Now starting a new business to sell online. How can I write the cost of importing expense off
2006-2009 imported shoes, attended shows, wholesaled to retailers. Bad contracts, vendor fraud, disability, and and IRS audit left me unable to continue. I told the IRS I was out of business. Now in 2011, how do I determine COGS, when I sell inventory leftover.