MarilynG1
Expert Alumni

Get your taxes done using TurboTax

Yes, Cost of Purchases is what you bought to sell on ebay (whether sold or not). 

 

Then when you report sales and TurboTax subtracts from Current Inventory, you will have an Inventory Balance going forward, and Cost of Good Sold will be calculated automatically. 

 

You don't need your Beginning Mileage as long as you keep track of Business Mileage.  You can estimate your Total Mileage for the year. 

 

For example, if you put 10K miles on your vehicle, and 2K was for Business, then your Business Use of the vehicle is 20%.  

 

Click the link for more detailed info on Reporting Business Income and Expenses

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