New rental properties missing from balance sheet

[ellengalano]

I am preparing my Sub-S Corp return.  I have real estate holdings. I have entered my multi-family home purchased in October 2022.  Depreciation has been calculated and shown as a deduction.  I've printed the current and next year's depreciation schedules.  However, when I get to the balance sheet, the property is not showing up at all.  Land and buildings show only the land and building that was on the books at the end of 2021.  Nothing is transferring over that was newly entered for 2022.  However, the 2022 accumulated depreciation for the new building DOES show up on the balance sheet. Why would this be happening and how can it be corrected?

[ThomasM125 · Accepted solution]

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. 

[ellengalano]

I didn't upload.  I manually entered all of the asset information.  And the accumulated depreciation on the new building shows up correctly.  It seems odd to me that the assets entered into the system would not carry through.  So I am just supposed to override the end of 2022 column and adjust for the newly acquired assets?

[ThomasM125]

Yes, just enter in the correct amount for Buildings and other depreciable assets in line 10(a), column(c). You are not overriding that entry, since it is a field you can make a direct entry on.