I run a failing e-commerce business and have obsolete inventory sitting in my garage, can I completely write off the cost of unsold goods?

Question

Kohari Gonzalez Oneyear & Brown · Accepted Answer

A write-off for obsolete inventory often depends on how the goods were tracked, whether they were actually sold, discarded, donated, or retained, and whether the business uses cash or accrual accounting. The facts around the inventory’s condition, any effort to liquidate it, and the records supporti For an answer applied to your exact numbers, bring this question to a licensed KGOB CPA in a focused session and leave with a clear next step.