Question

where to expense the cost of a machine I sold

Forum|Forum|6 years ago
February 12, 2020
1 reply
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I have a construction equipment repair business. I purchased a machine , made some repairs and sold it to one of my customers. They included the sale price in the 1099 I received from them. I need to know where to expense the cost of the machine and repairs made?

TurboTax Home & Biz Windows

JohnB5677

As I understand it; you purchased a piece of equipment ( let's say $1,000). You repaired it (Cost of supplies $300), and you sold it for $1,800. The purchaser then sent you a 1099-MISC for $1,800 plus perhaps other work you had done for him.

I expect you already have a business and just need to know how to deal with this.