Cost of purchases and mileage

tommy8849 — Thu, 06 Feb 2020 01:58:48 GMT

I have two questions. I started selling on ebay Jan , 2019 and did not have a carry forward inventory. So I put zero. The question cost of purchases are they asking for my sold items or for all the items for 2019 even if not sold yet? Last question I kept my receipts for purchases and mileage but I do not have my starting mileage for 2019 I am not sure what to do there. Thank you

Re: Cost of purchases and mileage

MarilynG1 — Thu, 06 Feb 2020 02:29:11 GMT

Yes, Cost of Purchases is what you bought to sell on ebay (whether sold or not).

Then when you report sales and TurboTax subtracts from Current Inventory, you will have an Inventory Balance going forward, and Cost of Good Sold will be calculated automatically.

You don't need your Beginning Mileage as long as you keep track of Business Mileage. You can estimate your Total Mileage for the year.

For example, if you put 10K miles on your vehicle, and 2K was for Business, then your Business Use of the vehicle is 20%.

Click the link for more detailed info on Reporting Business Income and Expenses.

topic Cost of purchases and mileage in Get your taxes done using TurboTax

Cost of purchases and mileage

Re: Cost of purchases and mileage