Starting business with large inventory - Help with Schedule C Part III

Forum|Forum|2 years ago
April 7, 2023
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I have been collecting for 30 years and have many boxes of inventory (about $10,000). I am older and decided to start selling my inventory on Ebay and Etsy this past year to supplement my income. Trying to do the Schedule C part 3, but as a new business turbotax doesn’t let you put a starting inventory. So when I put an ending inventory the COG just comes out to 0 when I know my cost of the goods I sold this year was $2,245. How do I account for all my starting inventory? Called intuit support but they didn’t know. Help

Best answer by AliciaP1

Thanks again Alicia for trying to help me, but when I put -$10,000.00 next to "cost of items withdrawn for personal use" and then put ending inventory, it still comes out with COG as 0.

So, your ending inventory is $10,000 and you didn't sell anything? If so, your COG is correct at $0. If you sold any items your inventory value went down and needs to be adjusted.

@Biographics162

mglauner

If you're using TurboTax Desktop, go to FORMS at the upper left when you are at the 'Enter Ending Inventory' page in the interview. You will be on a 'Schedule C Worksheet' where you can type in the amount of your 'Beginning Inventory'.

@Biographics162