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.

Texas_guy
Returning Member

please do not contact me, I am not the person who wrote this thank you

 
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 Best answer

Accepted Solutions

please do not contact me, I am not the person who wrote this thank you

If you are not keeping an inventory, then you deduct merchandise (items you hold for resale) as "supplies" when you actually sell the merchandise (i.e., you do not deduct unsold merchandise).

 

See https://www.irs.gov/instructions/i1040sc#en_US_2022_publink24329wd0e2328

View solution in original post

1 Reply

please do not contact me, I am not the person who wrote this thank you

If you are not keeping an inventory, then you deduct merchandise (items you hold for resale) as "supplies" when you actually sell the merchandise (i.e., you do not deduct unsold merchandise).

 

See https://www.irs.gov/instructions/i1040sc#en_US_2022_publink24329wd0e2328

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question