I work in trade (merchandise trading), but I know nothing about zakat and its rulings, and I want to fulfill my zakat obligation.
The goods I buy may remain with me for a full lunar year, or I might sell them within three days. Some may get damaged and thrown away, and some might be returned to the supplier. Sometimes I pay for the goods immediately, and other times I pay after a deferred period as agreed. The prices also fluctuate—one day they are at a certain value, and a week later they may increase or decrease. This is the nature of trade and the market.
There is also money in the bank, some in cash, and some in the form of checks that haven’t yet been cashed. There are also debts owed to me in the market—some of which I may be able to collect, and some I may not. Likewise, I have debts to suppliers for goods I will pay for in the future, as well as other business expenses and taxes.
There are also assets I use for trade, such as a building I own (which may be of high value) and a rented property. I also use tools such as vehicles, trucks, and computers, and so on.
As for real estate, some of it is for trade and sale, while some I keep for rental income.
Additionally, I have my own personal wealth that is separate from the business, such as savings, my home (or even multiple homes), my personal car, and my wife’s gold jewelry, which she wears as adornment. I also own gold that I keep for saving.
So please guide me to what is correct—may Allah bless you. For indeed, the cure for ignorance is to ask. Please make the explanation simple so that I can understand it. May Allah reward you.