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Investors & landlords
If you uploaded your financial statement from Qbooks, you needed to add the property before you did the upload. Otherwise, you may need to add your balance sheet amounts into TurboTax directly on the balance sheet, as the tax return is geared toward reporting income and deductions, not balance sheet items. To correct the situation, you can determine the cost of your property and enter it directly on the balance sheet in TurboTax, on line 10(a) of schedule L. The accumulated depreciaton would be last year's amount plus this year's depreciation expense and less the accumulated depreciation on assets retired. These are entries you should make on your books as you complete the tax return so the two agree at end of year and going forward.
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‎February 14, 2023
12:41 PM