I bought jewelry at wholesale (my cost), I couldn't sell it at retail, so I sold to other reps at wholesale. How do I account for that if I never made a profit off of it?

[jnrguthrie]

I bought the jewelry at my cost (Wholesale) to sell at retail.  I couldn't sell it at retail, so I sold it to other reps within my direct selling company at wholesale.  Where would I put this information if I never made a profit from it.

[JulieCo · Accepted solution]

Include the wholesale sales as income and the purchases as deductions. 

Therefore, include the wholesale sales amounts in your business income on your return, along with any retail sales amounts you had during the year.  Then, for your cost purchases, you would only include the total of the dollars you spent on items for the year.   Therefore, if the only sales and purchases you had during 2018 were the wholesale sales, then your profit on those sales will be $0.

Below is where to enter your sales income for your business in TurboTax, plus see the sample screenshot attached:

https://ttlc.intuit.com/replies/4801198