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Level 2
September 16, 2020
Question

Book vs Tax Depreciation

  • September 16, 2020
  • 2 replies
  • 36 views

TurboTax refuses to let me have different depreciation on books vs taxes. It keeps telling me that the balance sheet is out of balance. Forms ask to enter "Balance Sheet per Books", then it automatically calculates depreciation. for tax purposes differently.

    2 replies

    Level 15
    September 16, 2020

    Did you go through the reconciliation section?

     

    Rob10Author
    Level 2
    September 16, 2020

    Yes, I found out that I checked the "Yes" box instead of checking the "No" box when prompted for reviewing differences. Thank you.