You only need to report the individual sales that you made a profit on. For example, if you sold 5 items and 3 of them were for less than you paid for them originally, you only report the income and expense for the 2 items you made a profit on.
To enter cost of sales in TurboTax Online please follow these steps:
- Open or continue your return in TurboTax
- Search for self employed income (use this exact phrase, don't add a hyphen) and select the Jump to link at the top of the search resultsI f you land on the Your 2021 self-employed work summary page, select Review next to the work you're adding income for
- Scroll down through the expenses and select Start on the line for Supplies
- Enter the cost of the items sold that you have the documentation for
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