Skip to main content
TurboTax
Community
TurboTax
Community
TurboTax
Community
M
m2link
February 27, 2021
Question

I paid taxes on goods that I purchased and collected taxes on products sold. How do I list these items?

  • February 27, 2021
  • 1 reply
  • 0 views
I paid taxes on goods that I purchased and collected taxes on products sold. How do I list these items?

1 reply

T
ToddL99
February 27, 2021

Taxes paid on items purchased for resale  are included in the cost of the goods you sold, an expense.

 

Sales tax you collect on goods you sell are not reported as income on your tax return.  They are entered as liabilities (Sales Tax Due) on your balance sheet until you remit (pay) them to the local or state sales tax authority. 

TurboTax Sign In Widget
TurboTax flag icon

Unlock tailored help options in your account

Create an account
TurboTax Expert Assist
TurboTax Expert

Get answers to all your tax questions

Our experts are available on-demand, no appointment needed. Get help all year long with TurboTax Expert Assist.

Terms & ConditionsAccessibility statement
Intuit
TurboTax Credit Karma QuickBooks MailChimp

©1997-2022 Intuit, Inc. All rights reserved.
Intuit, QuickBooks, QB, TurboTax, ProConnect, and Mint are registered trademarks
of Intuit Inc. Terms and conditions, features, support, pricing, and service options
subject to change without notice.

Security Certification of the TurboTax Online application has been performed by
C-Level Security.

By accessing and using this page you agree to the Terms of Use.

Accessibility

TRUSTe nResult Certified e-File C-Level Security Certification