schedule c tax form

[highreg]

Does anyone know where pre existing inventory before the business is started is listed on schedule c.

[silverstatetreasureboxes]

@highreg 

Are you talking about the gross amount before all deductions are taken off?

[highreg]

No, I want to know how I can account for inventory that I already had on hand before I started my business on schedule c. I've read that the beginning inventory has to be zero when you start your business. If that is the case, how do I account for the inventory already on hand?

[auntiekittys]

I'm not an accountant, but I would add those pieces in as new inventory after you have created your business.  You'll have to be the judge as to how much they are worth, or perhaps get the pieces that you still have appraised.  You also might be able to go off of your past Ebay sales for the pieces that you've already sold, or comparable for that time period.  Inflation needs to be taken into account.

I hope that helps.  🙂