A gross sales amount is entered in but is off set by the whole sale cost. Is the whole sale cost entered into my return or just the value of the current inventory?

[KatherineC]

You would enter your purchases and your inventory.

Cost of Goods Sold = Beginning Inventory + purchases - Ending Inventory 

To enter your information:

• Log back into your return
• Click on Federal
• Click on Income & Expenses
• Click the Edit/Add button beside Self-employment income and expenses
• Click the Edit button beside your line of work name
• Scroll down to Less common expenses
• Click on Inventory  (See the screenshot below)
• Click Continue
• Click Yes, I have inventory to report and click continue
• You will be asked if you are valuing your inventory at cost (most common and easiest method to use)
• On the next screen, you will be asked to enter the beginning and ending inventory.  If you didn't have beginning inventory enter a zero.
• Enter your purchases at cost and any other information (See the second screenshot)

When you click to continue, you will be shown your business gross profit.