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Returning Member
posted Sep 15, 2020 5:05:22 PM

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.

0 2 1229
2 Replies
Level 15
Sep 15, 2020 6:06:39 PM

Did you go through the reconciliation section?

 

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Returning Member
Sep 15, 2020 7:17:53 PM

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