Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
microb99
New Member

Rcvd 1099 stating over 5k purchased for resale but 95% was personal use or we still have inventory. How do we show this on return?

 
3 Replies
JohnB5677
Expert Alumni

Rcvd 1099 stating over 5k purchased for resale but 95% was personal use or we still have inventory. How do we show this on return?

You will need either TurboTax Self-employed or TurboTax Home & Business to complete this.

Go to Business and answer all of the Profile questions.

Then under Your ____ Business

  1. Scroll down and select Inventory/Cost of Goods Sold
  2. Yes I have Inventory to report
  3. Yes I used cost method
  4. Enter beginning and ending inventory
  5. This next section will provide an area to enter the information you want to post
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
robmic
New Member

Rcvd 1099 stating over 5k purchased for resale but 95% was personal use or we still have inventory. How do we show this on return?

Neither of these would accommodate for our primary job, which we receive a W-2 for  correct? The other 1099 is just for a little side thing my wife signed up to get discounted beauty products & we were stunned to get the 1099 in the mail but now have to deal with it in some way.

Carl
Level 15

Rcvd 1099 stating over 5k purchased for resale but 95% was personal use or we still have inventory. How do we show this on return?

If there is an amount in box 3 of that 1099-MISC or if box 9 is checked, then as far as the IRS is concerned that was a business transaction performed by a business that you own. So is there any amount in box 3 and box 9 is checked? What's the deal?

Dynamic AdsDynamic Ads
Privacy Settings
v