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?
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?
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?
Yes of course you can.
Under the Income tab - Self-Employment - Business/Professional -under header Calculation of cost of good soldOpening inventory box (which includes raw materials, goods in process and finished product)
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