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|Subject: Re: I am such a Wannabee!||Date: 2/17/2004 4:42 PM|
|Author: zsimpson||Number: 1948 of 5048|
Have you looked at this carefully?
While you can deduct the cost of goods sold as a business expense once they are sold, the cost of merchandise held as inventory cannot be deducted.
That's my understanding anyway. Check out Part III of Schedule C.
I'd be glad to have you prove me wrong.
Well, I've had two accountants on it now, and both have said I could.
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