My wife and I spent $9810.39 buying inventory for EBAY last year and had $8613.31 in sales. How do we report that on Turbotax?

bigmidgeman — Thu, 06 Jun 2019 14:49:21 GMT

On your business income portion -- schedule-C whcih gets...

pk — Thu, 06 Jun 2019 14:49:23 GMT

On your business income portion -- schedule-C whcih gets included in your individual return --- you determine your COGS ( Cost of Goods Sold ) as cost of inventory forwarded from the year before PLUS all inventories bought during the year LESS cost of residnual inventory at the end of the year. This is your basis ( kind of ). Your gross sales is total sales less any taxes collected. Schedule-C will also require you to include any other expenses you may have had -- taxes, licenses, postage, etc. etc. for the income. All of these items eventually result in your net profit before taxes. TurboTax will walk you through all of this -- including the schedule-SE ( self-employment ) -- 15.3 % on most of the gain / income you have had from this effort.

Hope this helps

topic My wife and I spent $9810.39 buying inventory for EBAY last year and had $8613.31 in sales. How do we report that on Turbotax? in Get your taxes done using TurboTax

My wife and I spent $9810.39 buying inventory for EBAY last year and had $8613.31 in sales. How do we report that on Turbotax?

On your business income portion -- schedule-C whcih gets...