Get your taxes done using TurboTax

Entering the type of business will generally cause TurboTax to generate expense categories for business of the type entered.  For example, here are the steps to follow (TurboTax online)  to enter inventory sales if your eBay sales involved the purchase of used items for later re-sale and you performed this work not as a hobby but as a business.   Moreover, if this was not done as business, but involved the sale of personal use property or the sale of investment property, then the analysis would be different.  

The process to enter business income/expenses begins with selecting Wages & Income, then scroll down to Self-Employment, and click Start.  Then follow these steps:

1. Enter a description for your job.  On a test return, we entered eBay sales.
2. At the screen We need a little more info, select Used merchandise sales.  
3. At the screen OK - how does your Used merchandise sales work fit into your big picture, select the appropriate box.  
4. Continue through the application.  
5. At the screen Let's find all the expenses for your Used merchandise sales work...We found 9 expense categories that others in Used merchandise sales often claim!  Click Get started.
6. At the screen, First, select the expenses you know you had, scroll down to Inventory and select it.  Continue through the application. 
7. At the screen Do you have inventory for your Used merchandise sales work?  Select Yes, I have inventory to report.  Choose your method of valuation for your inventory.  
8. At the screen, Let's get the value of inventory for your Used merchandise sales work enter your values.  At the screen, Let's get the cost of goods for your Used merchandise sales work, enter your information. 
9. Review the information on OK, Here is the business gross profit for your Used merchandise sales work.  If you need to make changes, click on the Back button and make the appropriate changes. 

@ppapi