Gina Posted February 16, 2019 Report Share Posted February 16, 2019 Hi room It is my first year of filling out Schedule L because the receipts were under 25000for the first 2 years 2016 and 2017 i did the journal entry to deprecition in my book to match with tax return so it showed on my tax the book depreciation only one line on schedule and nothing else since i said that it matched my book and didnt fill out schedule L. I was not sure if it was te correct way to do it. I shpuld haave asked back then. This year i have fill out the schedule L and my begining assest is out of balance about 10k Do i have to redo my journal entry for depreciation expense by the straight line or can i just use the number from yhe depreciation sheet from my tax return for 2016 and 2017 Would this change my k1s for 2016 amd 2017 Should i amend 1120s for 2016 and 2017 because of this or should i just use the depreciation expense from tax return for my book for 2016 and 201u then use straight line expense for 2018and on Thank yoi Quote Link to comment Share on other sites More sharing options...
ILLMAS Posted February 16, 2019 Report Share Posted February 16, 2019 I am not in the office yet, but you can reconcile between book vs tax depreciation on the M-1 and should work. 1 Quote Link to comment Share on other sites More sharing options...
jklcpa Posted February 16, 2019 Report Share Posted February 16, 2019 Quote Link to comment Share on other sites More sharing options...
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