Skip to main content
Level 2
Sep 16, 2020 12:05 AM UTC
Question

Book vs Tax Depreciation

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
    Sep 16, 2020 1:06 AM UTC

    Did you go through the reconciliation section?

     

    Rob10Author
    Level 2
    Sep 16, 2020 2:17 AM UTC

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