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kusty007
New Member

How do I enter losses in turbotax? For example, I had my inventory repurchased for $230 less than i paid for it.

 
2 Replies
soultax09
Level 5

How do I enter losses in turbotax? For example, I had my inventory repurchased for $230 less than i paid for it.

Are you keeping an inventory because it's really a cost of goods sold thing.....you can make this an expense in the Misc category if not.

Carl
Level 15

How do I enter losses in turbotax? For example, I had my inventory repurchased for $230 less than i paid for it.

Just report the income in the business income section, and report what you paid for the inventory you actually sold in 2019, in the Inventory/Cost of Goods Sold (COGS) section. The program takes care of it.

Example:

 

Lets say you have 100 widgets that you paid $1 each for, and you sold them for $0.50 each. The business income will show $50

Meanwhile in COGS you will show that you paid $100 for that inventory you actually sold. The program will work it and "know" that you have a $50 loss. Not a big deal.

 

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