Do I report income on products I purchased then sold to customers?

dukegirllp — Sat, 01 Jun 2019 17:39:25 GMT

Yes, the sales should be reported as income. The cost of...

MichaelL1 — Sat, 01 Jun 2019 17:39:26 GMT

Yes, the sales should be reported as income.

The cost of the products, would be listed as Purchases in the Cost of Goods Sold area.

If no goods for resale on hand at end of the tax year, the ending inventory would be $0 and all the purchases cost would be deducted.