Tax deduction after having Amazon donate my old inventory
Hi all. I’m a USA-based seller. I do Amazon FBA. I have old/excess inventory that I am l would like to get rid of. To offset my losses, I’m hoping donate the inventory and get a tax deduction. I know I need to submit proof to the IRS of the donation but since I want to choose the option where I tell Amazon to do the donation. (And yes, I know that it will cost money to do this.)
Has anyone done this before? If so, did Amazon give you some paperwork as proof of the donation that you then gave to the IRS when doing your taxes? Or is there something I need to do for this? I’ve looked online but couldn’t find an answer so any insight is appreciated. Thank you in advance!
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