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Get your taxes done using TurboTax
No, cost of goods sold refers to physical goods held in inventory. I know you didn't actually pay the commissions, but the idea is that this is an expense that was included in the 1099-misc. Say the 1099-misc shows $20,000 but you only received $15,000. You would report $20,000 as your gross income, but deduct the $5,000 as Commissions and Fees.
‎June 4, 2019
8:53 PM