How do I transfer personal collectibles into business inventory?
I want to start a small business / website selling old toys and other collectibles. Many of these initial items would come from my personal collection. How do I handle converting an item I’ve owned for 20 years into business inventory? My concern is that I don’t remember what I paid for most of these items, so how do I determine costs versus profits when tax time rolls around?
today’s value. The business does a purchase sales agreement to you and writes a check to you to complete the transaction
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