Question

Self-employed retail business question. Can inventory be written off as an expense? We spent 13000 on inventory and had sales of approximately 9800. Profit?

Forum|Forum|6 years ago
March 13, 2020
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TurboTax Live Self Employed

Inventory purchases are not written off directly as an expense for your business. There is a separate section in the Schedule C entries to account for inventory.

As you go through the Schedule C, look for Inventory/Cost of Goods Sold to enter the details about your inventory. This will include the beginning of the year inventory value, purchased you made during the year, and the year-end inventory. These entries will reconcile whether there was a profit or loss based on your inventory.

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