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September 22, 2024
Question

Same Problem as Previous Poster

  • September 22, 2024
  • 1 reply
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My inventory is books that I printed about 15 years ago.  I sell fewer than two dozen each year.  They cost $6.41 apiece to print and I sell them for $24.95.  My profit is $18.54 per book.

 

When I enter the current inventory, Turbotax accurately calculates the cost of sale, but it does not permit me to enter the gross sales receipts.  As a result, it shows a loss, not a profit.

 

Where do I enter the gross sales receipts?

    1 reply

    September 22, 2024

    You enter the gross sales under Business Income, not the Inventory/Cost of Goods Sold section.