“Where should I enter the materials, supplies, and tools I buy from Home Depot for my residential construction business?”

[coreywavle]

I have all my expenses from Home Depot recorded for my LLC but where can I add this to my expenses lists?

[PatriciaV · Accepted solution]

Most contractors report materials used for a construction project under Supplies or Other Expenses. The IRS generally doesn't care which category you use as long as you report an expense only once.

In case you were thinking of inventory, note that you aren't required to report inventory (Cost of Goods Sold) if your gross receipts were under $26 million over the last 3 years. Most small business owners prefer to expense materials and supplies as they are purchased to avoid the additional work required to account for inventory.

[VolvoGirl]

You can enter 1099NEC or cash Self Employment Income into Online Deluxe  but if you have any expenses you will have to upgrade to the Premium version.

Where to enter expenses in the Online Premium version

https://ttlc.intuit.com/turbotax-support/en-us/help-article/import-export-data-files/enter-self-empl...

If you are not reporting inventory but had Material or SupplyExpenses, enter them as Supplies under the Business Expense Section.

Enter materials and parts under Supplies.  Or you can enter them under Other Miscellaneous Expenses on Schedule C lPart V Other Expenses line 48.