Question

miscellaneous income

I received a 1099 MISC form for the sale of wine. How do I deduct the cost of the wine from amount received in reporting this on our taxes?

Based on your description of this activity, this is self-employment.

To enter self-employment income and expenses, follow these steps:

1) Once in your return, click Federal (left-hand menu bar)

2) Click Income & Expenses at the top.

3) Look for Self-employment income and expenses.

You may have to expand the choices in the Income & Expenses section to get this subsection to appear.

4) Click Start when you find this section, and follow the guided interview. You will enter the cost of the wine as an inventory expense.

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