Balance Sheet

[PapaOpah]

LLC purchased Rental property and has a mortgage on it. It is an asset, why is it not showing up on my balance sheet assets, but does show up when I print All Assets sheet?

[Anonymous_]

Is the LLC being taxed as a partnership (filing Form 1065)?

If so, do you need to complete the balance sheet? You only need to complete it if the LLC's gross receipts were $250,000 or more or total assets were $1 million or more (see Question 4 of Schedule B).

See https://www.irs.gov/pub/irs-pdf/f1065.pdf

[Anonymous_]

Also, in TurboTax Business, balance sheet issues typically need to be resolved with manual entries. This is most easily accomplished in Forms Mode.

[PapaOpah]

I wish but the state of New York requires it. My receipts are  below the $250k.

[PapaOpah]

yes, we are an LLC, taxed as a pass through partnership? Just my wife and I. We receive a K1.

[PapaOpah]

I am afraid to list it manually because it oes show as an asset when I print the "All Assets" depreciation page, but it does not show up for the balance sheet.

[Anonymous_]

Entering figures on your balance sheet should not have any impact on the asset worksheet.

[PapaOpah]

will it transfer next year or will I be doing this again?

[Anonymous_]

The ending figures should transfer to the following year's return.