AndyK123
New Member

Business & farm

I have a question about inventory. If I am paying taxes on the income i derive from the items i sold, how do i capture the cost of initially purchasing these items that i sold (cost of goods sold/inventory)? This is my first year doing business in the booth and although my beginning inventory for the year was $0, i spend alot of money purchasing items that i sold in 2019. Please help!