Quote:
Originally Posted by Wiseguy917
Does inventory qualify as an expense? I’m under the impression it does not. If I sell 10k worth of cards to purchase a 12k card, I still owe taxes on the 10k I sold and can not write off the 12k card as inventory. Obviously I could be wrong here but this is my impression as of right now. Am I incorrect?
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Deduct what you paid for the $10k in cards you sold.
But ask an accountant, don’t trust me! Lol