I want to close my wife's home business (declare it a final year), she is no longer actively a rep but has left over inventory.
Do I "sell" the inventory from her business to us personally so she has no inventory left and then are we free to unload it this year without claiming it as income?
You can click on the income tab>self employment>business and professional> Income and inventory. You can leave all of the T2125 information unfilled other than the identification info. When you get to the inventory screen, enter the remaining value of the inventory at the top. any damaged or out-dated inventory under other expenses, and leave the closing balance at zero. The software will add the remaining inventory to your wife's income as a deemed sale.
