Can I forego inventory. I know the exact cost of each item I sold in 2023. Where can I put the total cost of the goods sold without using the inventory figures.?

Forum|Forum|2 years ago
March 1, 2024
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Best answer by TurboTaxSusan

No, there is no place to just enter the total cost of goods sold. The T2125 it has a whole section for inventory that must be filed out, not just line 8518.

TurboTaxSusan

The inventory section is the place to enter the Cost Of Goods sold, as per the actual T2125 form.

Hostage2Author

What I want to know is - There is no place in the Turbo Tax program to insert the Cost Goods Sold figure if you do not have inventory figures. The paper T2125 has line 8518 for that figure. I want to no longer do inventory because of my advanced age I am unable to do it. I do however, know the cost of each item I have sold during the year.

TurboTaxSusanAnswer

No, there is no place to just enter the total cost of goods sold. The T2125 it has a whole section for inventory that must be filed out, not just line 8518.