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Xerold1
New Member

scorp schedule L

Hello. I am doing my scorp taxes on turbotax. My balance sheet is out of balance because of the following. We got a business car that is worth 60K with 60K loan with interest. I am claiming the section 179 depreciation (around 20K) on it which is putting the cost around 40K. The remaining loan balance at the end of the year is 50K. On schedule L This is showing that the balance sheet is out of balance by -10K. There are no other entries on the balance sheet besides the car value and the car loan remaining balance What am I doing wrong?

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2 Replies

scorp schedule L

Only the car, accumulated depreciation and the loan on the balance sheet? Not realistic.  There is just too much missing information and you do not seem to understand proper bookkeeping. see a pro to get educated. 

 

what about business activity? What's the S-corp doing? just owning a car does not seem to be a real business. Where's the expense due to depreciation reflected on the balance sheet.? how about profit or loss from operations excluding the vehicle?  how about cash, stockholders equity, loans from stockholder? did you take a salary? It's not the end of the world if you didn't but not taking one year after year could raise an audit flag at the IRS

 

Xerold
New Member

scorp schedule L

Lol no there are many other things on the balance sheet😂. (If there wasn’t anything else on the balance sheet then I wouldnt even need to file schedule L). But for simplicty The problem is when the car is depreciated it is not balancing with the car loan as explained earlier ( the reason i know this is the problem is because it says the balance sheet is out of balance by a negative amount which is the depreciated car value minus the car loan down to the dollar. 

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