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December 3, 2024
Question

Consignment fees as a business expense?

  • December 3, 2024
  • 1 reply
  • 0 views

I am an author and sell my books at a bookstore. Bookstore takes 45% of my book price as a consignment fee. So if I sell my book for $23, bookstore takes $10.35, I get $12.65. Can I claim the $10.35 as a business expense?

1 reply

VolvoGirl
Employee
December 3, 2024

Yes if you claim the full price as income.  If you only report the 12.65 as income you can’t deduct the consignment fee.   

December 4, 2024

This applies to Canada, or just in U.S., or both?

VolvoGirl
Employee
December 4, 2024

Don’t know anything about Canada.  Here is the Canada forum  

https://turbotax.community.intuit.ca/tax-help