I run my small business , trading only buy and sale products on confirmed Purchase orders from my customers , so no Inventory ,
In this case how would calculate Cost of gods sold , shall Net purchases would consider as COGS?
You'll need to sign in or create an account to connect with an expert.
There's an alternate way to do it. You use the inventory section (line 36, section III of schedule C) to enter your purchases of goods to be sold.
In TurboTax (TT), when asked about inventory, check the box "My business buys and immediately resells goods". Next select "Cost" for your method of valuing inventory. When asked for your beginning and ending inventory, leave both boxes blank. On the next screen you will be asked to enter your purchases (and, in separate boxes, any other costs you want to assign to cost of goods sold).
There's an alternate way to do it. You use the inventory section (line 36, section III of schedule C) to enter your purchases of goods to be sold.
In TurboTax (TT), when asked about inventory, check the box "My business buys and immediately resells goods". Next select "Cost" for your method of valuing inventory. When asked for your beginning and ending inventory, leave both boxes blank. On the next screen you will be asked to enter your purchases (and, in separate boxes, any other costs you want to assign to cost of goods sold).
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Austinrassle52
New Member
AwKidd
New Member
rishabh1
Level 2
stacykaplanevans
New Member
kim_cohn
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.