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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.

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Your ending inventory when you stopped doing business two years ago would be your starting inventory now after adjustment for shrinkage, damage and conversion to personal use.

That plus purchases  minus ending inventory gives you cogs

jeff bellamy

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