Tax Questions for Sellers (Schedule C) - Net54baseball.com Forums

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#10

04-04-2011, 09:28 PM

ValKehl

Val Kehl

Member

Join Date: May 2009

Location: Manassas, VA (DC suburb)

Posts: 4,058

Re item #6, Gary's question is, as I understand it, are ALL purchases for 2010 reported on Line 36, and the correct answer IMHO is YES. Then, those purchases that Gary did NOT sell in 2010 are reported as year-end inventory on Line 41, which is then subtracted from Line 40 to arrive at the cost of goods sold for 2010.
Val

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