turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

rahunt123
New Member

Cost of inventory, where do i add my purchases as expenses that i used for inventory?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
JulieCo
New Member

Cost of inventory, where do i add my purchases as expenses that i used for inventory?

You will want to add this amount in the Inventory/Cost of Goods Sold business expense entry section of TurboTax.  See sample screenshots below for either TurboTax Self Employed or TurboTax Home & Business.

If you do not track inventory, then just enter $0 as the beginning and ending inventory balance, plus enter your inventory purchases for the year and then TurboTax will use that for the Cost of Goods Sold amount on your Schedule C in your tax return. 

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question