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After you file
Yes, you would. If you enter your 1099-K from eBay under Inventory, cost of sales is computed as follows:
- Beginning inventory +
- Purchases -
- Ending inventory =
- Cost of sales
At the screen Let's get the value of your inventory enter $0 at the beginning of 2021 and $0 at the end of 2021.
So at the screen Let's get the cost of your goods, the $1,000 would be entered as a cost of purchases.
This would leave cost of sales as $1,000.
If you had an inventory left at the end of 2021, then report that value for the inventory at the end of 2021 and cost of sales would go down by the same amount.
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‎February 10, 2022
6:07 AM
467 Views