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nevermind!

eydf88
Level 1

I stated this would have been my first time trying to help someone to do it, I thought I could come on here and ask for some help instead of being attacked for it. I have been doing taxes for over 15 years, yet never came across this situation and that is why I asked. 

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qbteachmt
Level 15

"but where am I supposed to enter the cost of the purchases?"

Think of this as Investment. Not Cost.

"in the cost of goods sold section"

If they are sold, then all costs associated would be Cost of Sales for those units sold, including improvements (repairs) and perhaps financing (flooring).

"but which line? and what other expense can be claimed for them?"

Are you familiar with inventory-driven businesses? Does your client even know how to handle and report to you their inventory data? Are you familiar with the industry, which has some specific quirks? They are working with Titled and Registered property, trade ins, financing of the buying and the selling, etc.

You want to be mentored in this, to learn from it.

*******************************
"Level Up" is a gaming function, not a real life function.

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6 Comments 6
IRonMaN
Level 15

Please do your client and yourself a favor and do a little more homework or seek out someone locally to help you.  You don't want to shoot yourself or your client in the foot by preparing a return that you aren't properly trained for.


Slava Ukraini!
qbteachmt
Level 15

"but where am I supposed to enter the cost of the purchases?"

Think of this as Investment. Not Cost.

"in the cost of goods sold section"

If they are sold, then all costs associated would be Cost of Sales for those units sold, including improvements (repairs) and perhaps financing (flooring).

"but which line? and what other expense can be claimed for them?"

Are you familiar with inventory-driven businesses? Does your client even know how to handle and report to you their inventory data? Are you familiar with the industry, which has some specific quirks? They are working with Titled and Registered property, trade ins, financing of the buying and the selling, etc.

You want to be mentored in this, to learn from it.

*******************************
"Level Up" is a gaming function, not a real life function.
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IRonMaN
Level 15

"I thought I could come on here and ask for some help instead of being attacked for it. I have been doing taxes for over 15 years, yet never came across this situation and that is why I asked"

Where were you attacked?  Before you deleted your original post, you said you were doing a return for somebody that owned a schedule C used care dealership.  You didn't know how to report the revenue, you didn't know "what other expenses they could deduct", so basically you didn't know what you were doing.  I don't care if you were doing taxes for 100 years, if you were doing a return that you weren't competent to prepare, then you needed to obtain the competency or refer the client elsewhere.  There are certain areas of the tax world that I won't touch.  My ego isn't so huge that I am willing to put a client at risk just because I don't want to admit I am not familiar enough in those specific areas to proceed.  I have no problem not accepting work that I don't feel comfortable with.  As Dirty Harry once said, "a man has got to know his limitations". 


Slava Ukraini!
sjrcpa
Level 15

@eydf88  Are you also sgr1?

The 15 years and getting offended seem like it may not be a coincidence.


Ex-AllStar
qbteachmt
Level 15

This is exactly why I try to copy and paste the Original Question, when replying.

What you asked on this peer user forum would have been helpful to someone else learning, as you seemed to be. What you just did is remove the info from the community, removing their chance to learn how these are not simple business operations.

You got the help you wanted. Unfortunately, no one else will learn from you, now.

*******************************
"Level Up" is a gaming function, not a real life function.
abctax55
Level 15

" @eydf88  Are you also sgr1?

The 15 years and getting offended seem like it may not be a coincidence. "

 

Just for cross-reference to " srg1 "

https://proconnect.intuit.com/community/proseries-tax-discussions/discussion/if-someone-closes-a-401...

"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"