Old expenses
I just officially filed paperwork as an llc (beginningof year). I primarily resale clothing and have old inventory from purchases made many years ago (may or may not have intended to sell at the time). I am wondering if it's worth it to list them for sale or deduct as a loss. Many items are older purchases that I likely do not have receipts or statements anymore. - Can I still sell them and if so, and do not have the receipt and or debit/credit card statement, how do I expense them? And should I expect to get taxed for the net amount of the sale at today's cost? - Is there a way to calculate amortization for items more than a year old (with or without the receipts)? - What is the impact of writing them off as a loss if I choose to not sell and do not have the receipts/statements? Thank you.
