Yes, you can document that in the inventory section of your self-employment schedule.
Here's how to find that:
- Sign in to your TurboTax account.
- Select Wages & Income.
- Select Edit/ Add to the right of Self-employment income and expenses.
- Select Edit under your business entry.
- Select Edit to the right of Inventory.
- Answer Yes, and Continue.
- On the screen Let's get the value of inventory for your XXX work, enter $0 for ending inventory.
- Select Continue.
- To the right of Purchases Withdrawn for Personal Use, enter the value of the inventory you converted to personal use.
- Enter any other inventory costs you had, then select Continue.
- The next screen will show your Total Sales, Cost of Goods Sold, and Gross Profit.
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