This is my situation i own a used car lot i sold and report

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Reference no: EM13376178

This is my situation, I own a used car lot, I sold and report to Department of Revenue in sales the amount of $720.000 dollars.

I just deposit $500,000 in the bank, the other $220,000 it is not collected yet due to a buy here pay here that I perform in my dealership. (I do my own finance)

My inventory at the end of 12/31/2013 was $125,000 my purchase this year was $400,000 dollars and my dealer expenses was $125,000 dollars, I need help in how I enter the information in my schedule C, in previous years I do not uses accrual methods was cash basic.

I know that that the $720,000 has to be reported in line 1 Schedule C, but the $220,000 that I am not collected yet is not taxable to IRS because I am still waiting to collect this 2014.

Reference no: EM13376178

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