Can I as a firearms and ammo dealer, expense on my taxes reloading supplies that i purchase to make ammo to resale? IE: brass, gun powder, primers, lead bullets

[ToddL99]

Yes, supplies purchased to produce goods for resale is a business expense.

In TurboTax, you can report these costs in the inventory section as COGS or in the expenses section as supplies.

Either way, you don't have to report inventory but you do need to carefully track what you paid for the products, materials, and supplies that go into your inventory.

Reporting inventory costs in TurboTax Online

1. With your return open in TurboTax, search for Schedule Cand then click the "jump to" link to go to the self-employed section.
   • If you're new to this section, we'll ask for info about your business first. Eventually, we'll ask if you had any business-related expenses; answer Yes (if using Premier or lower, follow the prompts to upgrade to Self-Employed).
   • Otherwise, select Review next to your business and then the Add Expenses for this work button.
2. When you get to the Tell us about any expenses screen, scroll down and select either Supplies or Inventory.
   • If you don't have inventory but want to report materials and supplies as COGS, select Inventory and then enter 0 for both beginning and ending inventory values.