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Question

Where can I enter the cost of goods sold for my ebay 1099-K side business income of Used merchandise sales?

Forum|Forum|1 year ago
February 2, 2025
1 reply
0 views

Purchased used materials and resold them for a profit. I see where to enter expenses but not the actual cost of goods sold. Please help.

Yes, these expenses can be entered in TurboTax Online. If this is a side business, you will complete a Schedule C. In the self-employment income section is where to report this. Cost of Goods Sold is computed by the change in your inventory, plus related expenses. Go to : Federal > Wages & Income > Self-employment income and expenses Then, choose or add your business. Next, add an expense, navigate to "less common expense" and choose "Inventory."