Message Font: Serif | Sans-Serif
No. of Recommendations: 0
Schedule C attempts to be a "single catch-all" form for small/home business. At least thats the simplified way I look at it. If you were in a retail business, then this is where you would apply wholesale cost of items sold. IMHO, in your situation, I would ignore any input on this line. You are producing, manufacturing a product from raw materials purchased, the expenses. Receipts and expenses should be all that is necessary.
Possibly, you could place all your expenses in the cost of goods line and deduct from receipts, don't see why not. I was advised in the early 90s when I first started using Schedule C, be consistent and have your documentation.

Good question, as I may be selling paintings in the future, I know smarter Fools hang out here and I await a more informative response.
Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.