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How do I enter losses in turbotax? For example, I had my inventory repurchased for $230 less than i paid for it.
		
			
				
						
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		January 5, 2020
	
		
		11:49 AM
	
	
	
	
	
	
	
	
	
	
	
	
	
	
		
	
				
		
	
	
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Business & farm
Are you keeping an inventory because it's really a cost of goods sold thing.....you can make this an expense in the Misc category if not.
			
    
	
		
		
		January 5, 2020
	
		
		4:02 PM
	
	
	
	
	
	
	
	
	
	
	
	
	
	
		
	
				
		
	
	
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Business & farm
Just report the income in the business income section, and report what you paid for the inventory you actually sold in 2019, in the Inventory/Cost of Goods Sold (COGS) section. The program takes care of it.
Example:
Lets say you have 100 widgets that you paid $1 each for, and you sold them for $0.50 each. The business income will show $50
Meanwhile in COGS you will show that you paid $100 for that inventory you actually sold. The program will work it and "know" that you have a $50 loss. Not a big deal.
			
    
	
		
		
		January 5, 2020
	
		
		8:30 PM