You will need either TurboTax Self-employed or TurboTax Home & Business to complete this.Go to Business and answer all of the Profile questions.Then under Your ____ Business Scroll down and select Inventory/Cost of Goods Sold Yes I have Inventory to report Yes I used cost method Enter beginning and ending inventory This next section will provide an area to enter the information you want to post

Question

Rcvd 1099 stating over 5k purchased for resale but 95% was personal use or we still have inventory. How do we show this on return?

Forum|Forum|6 years ago
February 6, 2020
1 reply
0 views

No text available

TurboTax Live Self Employed

JohnB5677

You will need either TurboTax Self-employed or TurboTax Home & Business to complete this.

Go to Business and answer all of the Profile questions.

Then under Your ____ Business

Scroll down and select Inventory/Cost of Goods Sold
Yes I have Inventory to report
Yes I used cost method
Enter beginning and ending inventory
This next section will provide an area to enter the information you want to post

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

M

microb99Author

Neither of these would accommodate for our primary job, which we receive a W-2 for correct? The other 1099 is just for a little side thing my wife signed up to get discounted beauty products & we were stunned to get the 1099 in the mail but now have to deal with it in some way.

Carl11_2

Employee

If there is an amount in box 3 of that 1099-MISC or if box 9 is checked, then as far as the IRS is concerned that was a business transaction performed by a business that you own. So is there any amount in box 3 and box 9 is checked? What's the deal?