topic depreciation in Business & farm

depreciation

jerryknip — Mon, 23 Feb 2026 10:03:35 GMT

when i enter my depreciation it only carries the depreciated amount to the main 1120 form and does not include the origianl cost of a new item i added. this makes my income/ loss ballance off the amount I paid for the item

Re: depreciation

Anonymous_ — Fri, 27 Jan 2023 15:05:12 GMT

Are you referring to the balance sheet (Schedule L)? If so, there should be an entry for the depreciable basis of the depreciable assets at the beginning of the tax year and accumulated depreciation.

TurboTax Business may not pick up the cost basis of the asset for the purposes of the balance sheet entries, et al. when data is imported into the program.

Re: depreciation

ThomasM125 — Fri, 27 Jan 2023 13:36:52 GMT

When you add the asset for depreciation, it should appear on your balance sheet, Schedule L under the row for Buildings and other depreciable assets.

On the next row, the current year depreciation on the asset will appear as a component of accumulated depreciation.

It is possible that your depreciation on your financial statement that got transferred or enter into TurboTax is different from what is on the balance sheet in TurboTax. In other words, the depreciation calculated in TurboTax may be different from your financial statement depreciation and that can throw off your balance sheet in QuickBooks. You may need to compare your book accumulated depreciation to the corresponding amount on schedule L in TurboTax to find why your balance sheet doesn't balance.