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    louandkim's Avatar
    louandkim Posts: 1, Reputation: 1
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    #1

    Mar 13, 2011, 05:00 PM
    How do we annotate donations?
    Our family has just opened a "for profit" thrift store. We have attained merchandise from garage/tag sales, auctions and also donations. How do we handle the donations?
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Mar 13, 2011, 05:22 PM

    well first they can not really be called "donation" since you are not a charity and the person giving it gets no tax benefit.

    You were given items that are put into inventory at 0 value since they cost you nothing. So they are held as inventory at 0 value on the books.
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