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?
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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?
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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