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Balance Sheet Assets Don't Reflect Sale of Property

Our partnership sold a building during the year. I went through the screens for asset sold during the year and the gain on the sale shows on the return. However, the total assets on the balance sheet do not reflect the sale of the building. Beginning and ending Buildings and Other Depreciable Assets show the same number. Shouldn't buildings total for end of year have gone down?

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4 Replies
M-MTax
Level 10

Balance Sheet Assets Don't Reflect Sale of Property

You have to do the balance sheet manually because you need to increase your cash to account for the sale......your BUIDLING should show $0 at year end and cash increased by the same amount after taking deprecation into account. Not sure if you had a loan that was paid off with the sale but you need to adjust that also. 

Balance Sheet Assets Don't Reflect Sale of Property

Yes, I understand cash is manual. Just thought the building would flow through automatically since it's on depreciation schedules, etc.

jimb9263
New Member

Balance Sheet Assets Don't Reflect Sale of Property

I am having the same issue. Every other year the sold assets would come off the balance sheets assets but this year they are not. There is definitely a software glitch with the calcualtion on year end assets. I called to see if there was a fix for it but they misunderstood my question and gave me the wrong info. I am just going to re-calculate it manually and enter it unless anyone knows of another solution

 

HTDR
New Member

Balance Sheet Assets Don't Reflect Sale of Property

I've having the same problem when adding new assets, they do not show up on the balance sheet.

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