In the balance sheet section of my LLC taxes, its my first year with a rental property. 275k value of the home beginning of year with 9,794 depreciation in the asset section.
In the liability section, I have my beginning principal balance of my mortgage owed (224,081) and ending principal balance (216,709). I kept the cash at 0 beginning and 0 end (balanced by paying out all profits to myself)
What am I supposed to do to make it balance? The 27.5 year depreciation isn't going to match up to the actual mortgage balances owed. Beginning and end is supposed to show 0 but its 60,919 and the end is showing 58,497.
any advice would be appreciated.
thanks!
