Should costs for building materials purchased by the builder (myself) used for construction jobs be listed under "miscellaneous expenses?"
In doing so, federal tax liability becomes negative and I'm getting money back despite $70,000 plus in income.
03787
3 Replies
JohnW152
Level 15
Feb 14, 2021 10:27:44 AM
Line 22 of Schedule C, Supplies, would be a more appropriate place for this entry. Really, the important thing isn’t so much where you report it, as that you do report it.
You should make sure that you’re not double-counting certain expenses.
SchSnow500
Level 1
Feb 15, 2021 5:46:07 PM
I read somewhere that materials used in the building process are not deductible....only tools. Are there certain building material expenses that I should omit? Thanks.