Question

Equipment purchased that I resold for a profit

Forum|Forum|11 months ago
April 7, 2025
1 reply
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I purchased 4 used forklifts that I resold for a net profit. Where do I put the total dollar amount for these purchases?

TurboTax Home & Biz Windows

JohnB5677

If this wasn't a transaction internal to a business, it can be entered as an asset like a stock.

It will be report in the investment section of your return.

Select Wages & Income
Work on other income
Scroll to Investments and Savings1099-B, 1099-INT, 1099-DIV, Crypto Gain/Loss Report [Add/Edit]
[+ Add investment]
[Enter a different way]
Select Other
Post the sale and continue the interview.

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S

slcmikeAuthor

Hi John:

Thanks for your quick reply. These equipment purchases were internal to my sole proprietorship business specifically to generate profit from immediate resale. This being the case, I don't think putting them in as investments would be appropriate.

Best always.

SLCMIKE

T

ThomasM125

You would enter that as the cost of purchases. You will find that in the Inventory/Cost of Good Sold section of your business entries. You must enter your beginning and ending inventory if applicable, then you will see where you can enter your cost of purchases on the screen that says Let's get the costs of your goods: