I am a travel agent and I cannot figure out where to enter the 'cost of goods sold' in Turbo Tax 2020. eg. I purchase a Travel package(s) and re-sell them. Help!

[hkollross]

eg. If I buy a Group package for $20,000 and sell it for $24,000 I need to enter the $20K expense to offset the actual profit of $4K and I cannot figure out where to enter it.

[Anonymous_]

You need to go back through the Self-employment income and expenses section and indicate that you kept an inventory (see screenshot).

[pk]

@hkollross , you enter all this on Schedule-C  ( self-employed / sole proprietor/ sole member LLC etc. )  The upper part of the schedule deals with Cost of Goods Sold (COGS ).   Tell TurboTax that  you have sole proprietor business income -- it will then walk you through all the details.   Note  that this will also lead to Schedule-SE  ( self-employment taxes --SECA , equivalent to FICA for wage earners ).

Is there more I can do for you ?