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April 14, 2025
Question

Do I need to fill out Cost of Goods Sold on form 1040

  • April 14, 2025
  • 1 reply
  • 0 views

I am an independent artist that works on commission basis. Furthermore, all of my art is created with recycled items or the raw materials are donated to me. Because all my raw materials are repurposed or donated, I don’t have any expenses to deduct for this year.  This is my first year of operation. Do I need to fill out the cost of goods sold portion on my 1040? 

1 reply

RachelW33
April 15, 2025

No, you can leave the cost of goods sold section blank since you do not have any expenses associated with your art creations.

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