Depreciation Vs. Expenses

[PLabr0zzi]

Hi, I imported info from my small business. I then manually added several assets to depreciate. My question is now do I go back and remove those amounts from expenses? So for example if I depreciated an item that was $2600, should I go remove $2600 from the Schedule C Other Business Expenses that came in from quickbooks (which is where the 2600 item is in QB)? I think I did this in the past to make the numbers right.

[MarilynG1 · Accepted solution]

Yes, if you purchased a Business Asset this year that you want to Depreciate, then you would add it to the Business Assets section and claim a % of Depreciation this year.

In that case, you would want to remove it from Business Expenses, or you would be 'double dipping' on this asset.

Click this link for detailed info on Managing Business Assets you may find helpful. 

[PLabr0zzi]

Thank you, that's what I thought but just wanted to make sure I wasn't crazy. Thanks again and be well.

[MarilynG1]

You are most welcome and thanks for your concern.  You stay well also!

It would be great if you could get your assets into QB so that they import properly for you and save you this extra step.  I'm sure there are QB experts that could help you.