topic Re: Construction Materials Deduction in Deductions & credits

Construction Materials Deduction

Anonymous — Tue, 28 Dec 2021 21:57:40 GMT

So for example I give my client a price that includes materials such as paint. I go out to HomeDepot and purchase the paint with the money they give me. How would I deduct the materials for the job or are they not tax deductible? In quick books self employed

Re: Construction Materials Deduction

Bsch4477 — Tue, 28 Dec 2021 23:01:12 GMT

On Sch C report the money they give you as income and then deduct the expenses on the same form as supplies.

Re: Construction Materials Deduction

Critter-3 — Tue, 28 Dec 2021 23:09:01 GMT

In the quickbooks system you will report all the income on the invoice you issued and the paint purchase is an expense. You should have accounts for income and expenses along with the bank account set up properly ... if you don't then seek assistance to do so... I think that QB has advisors.