When entering inventory and deducting it as a supply, do I have to individually list every transaction?

Forum|Forum|5 years ago
August 27, 2020
3 replies
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or can I simply total up my supplies costs into one total?

TurboTax Self Employed Online

VolvoGirl

Level 15

You can enter the total. Only the total goes to schedule C. Just make sure to have a backup of the supporting details if the IRS ever asks to see the details.

AmeliesUncle

Level 15

Just to clarify ... "entering inventory" is one method, and if you qualify, "deducting it as a supply" is a different method. DON'T do both.

Carl

Level 11

If you are using the COGS section to report and track inventory, then you report "NOTHI(NG" concerning that inventory anywhere else - especially not as a supply expense. Otherwise, your inventory balance never goes down and will have a serious issue in the future when you sell, close or otherwise dispose of your business. By "serious" I mean *VERY* *EXPENSIVE*.