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posted Oct 30, 2019 4:23:42 PM

Can I deduct raw materials that I purchased to research and develop my handmade product even if I did not end up using them in my final Etsy product that I sold?

To make my own handmade products I purchased a bunch of raw material but I didn't end up using all of them for my final product. Can I deduct the ones that are not part of the final product? 

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Level 13
Oct 30, 2019 4:23:43 PM

Yes of course you can. 

Under the Income tab - Self-Employment - Business/Professional -under header Calculation of cost of good sold  Opening inventory box (which includes raw materials, goods in process and finished product)