Solved: I need some assistance with depreciation. Sold assets in 2016 and now have a debit balance in Accumulated Depreciation. The bank is freaking out.

delucl · ‎12-06-2019

abctax55 · ‎12-06-2019

Did you process the sale thru the depreciation screen(the # depends on type of entity), or thru screen 17?

"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"

George4Tacks · ‎12-06-2019

What do you mean by now? Was the balance sheet correct on the 2016 return?

Here's wishing you many Happy Returns

abctax55 · ‎12-06-2019

Did you process the sale thru the depreciation screen(the # depends on type of entity), or thru screen 17?

"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"

I need some assistance with depreciation. Sold assets in 2016 and now have a debit balance in Accumulated Depreciation. The bank is freaking out.