Accounting for personal items sold as inventory


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I am not sure how to account in my books for items from my personal property
that I have decided to add to my on-line inventory. I have DVD's for example that I
paid full price for a few years ago. If I now choose to sell them, how do I account
for them in my books? Basically how do you get these items to balance on purchase/inventory when you did not buy them with business funds? I sell mostly
on E-bay and Amazon, and do not want to get IRS issues due to incorrect bookwork.

Thanks for any help.
 
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Sue

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Mar 3, 2011
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Assuming you're running a business of yourself...you need to put these items onto your books. One suggestion is record them as items contributed by yourself. Then you can record the sales. There's no cost though for thses items.
 

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