For "Cost of Purchases" under "Inventory/Cost of Goods Sold", do I include the tax and shipping that I paid for the items I keep in my inventory for direct sales?

posted

Connect with an expert

1 Best answer

Accepted Solutions

For "Cost of Purchases" under "Inventory/Cost of Goods Sold", do I include the tax and shipping that I paid for the items I keep in my inventory for direct sales?

Cost of Purchases under Costs of Goods Sold would include all costs associated with purchasing the items for sale such as cost, sales tax, and freight (whatever it costs you to buy the items).

View solution in original post

1 Reply

For "Cost of Purchases" under "Inventory/Cost of Goods Sold", do I include the tax and shipping that I paid for the items I keep in my inventory for direct sales?

Cost of Purchases under Costs of Goods Sold would include all costs associated with purchasing the items for sale such as cost, sales tax, and freight (whatever it costs you to buy the items).

Still have questions?

Questions are answered within a few hours on average.

Post a Question

*Must create login to post

Expert does your taxes

Do it yourself

Resources

Support

For "Cost of Purchases" under "Inventory/Cost of Goods Sold", do I include the tax and shipping that I paid for the items I keep in my inventory for direct sales?

For "Cost of Purchases" under "Inventory/Cost of Goods Sold", do I include the tax and shipping that I paid for the items I keep in my inventory for direct sales?

For "Cost of Purchases" under "Inventory/Cost of Goods Sold", do I include the tax and shipping that I paid for the items I keep in my inventory for direct sales?

Unlock tailored help options in your account.

Get more help

Do you have a TurboTax Online account?

For "Cost of Purchases" under "Inventory/Cost of Goods Sold", do I include the tax and shipping that I paid for the items I keep in my inventory for direct sales?

Do you have an Intuit account?

For "Cost of Purchases" under "Inventory/Cost of Goods Sold", do I include the tax and shipping that I paid for the items I keep in my inventory for direct sales?

For "Cost of Purchases" under "Inventory/Cost of Goods Sold", do I include the tax and shipping that I paid for the items I keep in my inventory for direct sales?

Unlock tailored help options in your account.

Get more help

Related Content

Thank you for helping us improve the TurboTax Community!

Sign in to Turbotax

File your taxes, your way

Access additional help, including our tax experts

Post your question

Connect with an expert