I'm on TurboTax Self-Employed. I'm a reseller on eBay. Where do I enter the cost of merchandise that I resell? I don't see the option in the list of 12 expenses.

Forum|Forum|3 years ago
February 1, 2023
1 reply
0 views

No text available

TurboTax Self Employed Online

I'm assuming your annual sales are less than $25 million and that you do not use the accrual method of accounting. in that case use the lines for supplies or create your own line item - materials and supplies. you deduct the amounts paid to acquire the items sold as a cost in the year in which they are sold

P

ppapiAuthor

Employee

Thanks.

You say "use the lines for supplies or create your own line item". How do I do it exactly in TurboTax Self-Employed? Could you guide me?

I'm just very surprised that the option to enter the cost of purchased goods is not easily available, considering the number of eBay resellers that will be doing taxes this year.

Could you please help me? Thanks again.

P

ppapiAuthor

Employee

Hi again, something more about this.

In this article from TurboTax:
https://turbotax.intuit.com/tax-tips/self-employment-taxes/a-tax-filing-factsheet-for-ebay-sellers/L...

it is said:

Business tax deductions for eBay sellers

The only tax deductions you can use to reduce your gross eBay sales income are those authorized by the IRS, but you'll have quite a few to choose from. Consider whether you qualify for: