I have already filed my taxes. I may have to amend if I should have reported total cost of all inventory rather sold or not? On schedule C Part 3 cost of goods # 33 I have cost check # 34 was there any change in determining quantities, cost, or valuations between opening and closing inventory? I checked no. Not sure if that is right? # 35 Inventory at beginning of year I put zero and explained I started my online ebay selling Jan 1. 2019. My question is 36a purchases I only put the amount that I paid for the inventory I sold. How do you get carry forward inventory where should I have put total amount, I paid for all inventory rather sold or not?
@tommy8849 wrote:
My question is 36a purchases I only put the amount that I paid for the inventory I sold.
That is where you made a mistake; you should have put your the TOTAL amount you purchased on that line, not just the amount you sold. You then subtract your ending inventory from the total amount you purchased.
Yes I made a mistake. So I can amend to correct this? I know I have to wait until I get my refund.
Thank you so I need to correct line 36 with the total cost of all inventory. Can I amend to correct this?
@tommy8849 wrote:
Can I amend to correct this?
Yes, the total cost of your purchases, but obviously wait until after your return is accepted.