If you purchased this item for resale, it should be shown as a purchase in Cost of Goods Sold.
Follow the instructions below to
enter "Cost of Goods Sold":
- In your Federal return, choose the tab for Wages & Income
- Then, scroll down to the section Self-employment income and expenses and Show more/Start/Review
- On the Let's gather your business info screen
you'll see Business Income and Expenses.
- Click on Start/Update The next screen will be Here's the business info we have
so far. If you have been here before you can just select Edit.
- On the next screen, choose Inventory/Cost of Goods Sold and Start/Update.
