when you import you char from bg1 into bg2
i have heard that everything that is in my
inventory is scattered throughout the first
dungeon is this true or do i lose everything

Not true, unfortunately, you don't get to keep any of your BG equipment or items, except (spoiler)
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the golden pantaloons. If you import a BG character who has the pantaloons in their inventory, the pantaloons will show up in the first dungeon.