I own a vinyl business and also buy boutique items as well. Where do I put the shirts/jeans that I purchase for my business at?

garrettjess07 — Wed, 29 Jan 2020 07:09:28 GMT

Re: I own a vinyl business and also buy boutique items as well. Where do I put the shirts/jeans t...

RobertG — Thu, 30 Jan 2020 22:55:21 GMT

If you are purchasing them to sell, they are reported as costs of goods sold.

When you are entering expenses for your business choose the drop-down for "Less common expenses" and select "Inventory"
Enter the cost of all your shirts/jeans as purchases
Enter the cost of the shirts/jeans that were unsold at the end of the year as ending inventory.

You may not deduct the cost of unsold inventory. You deduct that in the year you sell it.