I bought $30K worth of computer hardware for a not-for-profit and sold it to them at cost.
Retail isn't something my business normally does, so I'm not sure how to put this in.
I'm recording the expense under "Enter your miscellaneous expenses," but I'm coming out backward on this deal when I input the $30K income from the 1099-NEC that the not-for-profit sent to me.
What is the correct way to input this income and expense? It should be a total wash, no?
I'm using Turbotax Premium, for some reason that's not a choice in the "choose the edition" selection as I make this post.
If they sent you a 1099-NEC using your Social Security #,, you need to report it on a Schedule C as part of your personal tax return. Report the $30,000 of income, and then report $30,000 of expense. Your net income will be $0.00. You will need to use TurboTax Self-Employed in order to report the Schedule C expenses. If they used a business tax ID on the 1099-NEC, then just report $30,000 of revenue, and an offsetting $30,000 expense on your business return. It will be a wash.
If they sent you a 1099-NEC using your Social Security #,, you need to report it on a Schedule C as part of your personal tax return. Report the $30,000 of income, and then report $30,000 of expense. Your net income will be $0.00. You will need to use TurboTax Self-Employed in order to report the Schedule C expenses. If they used a business tax ID on the 1099-NEC, then just report $30,000 of revenue, and an offsetting $30,000 expense on your business return. It will be a wash.