You'll need to sign in or create an account to connect with an expert.
If you purchase raw materials to make a new product:
If you purchase a product and resell it in its original form:
If you purchase raw materials to make a new product:
If you purchase a product and resell it in its original form:
Are raw materials for a finished product a 100% deductible?
For example: A contractor billed his business customers for raw materials plus labor and tax. He received a 1099 for the total cost of the bill together.
In turbo tax, there is a section to report 1099 income. The question is: Raw materials and tax are not his income. Does he subtract them off the total for 1099 income when he report his income or how would you suggest the best way to do that?
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
lope515876
New Member
cowilliams34
New Member
kacencook-gmail-
New Member
chloeclelland0
New Member
phunmey
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.