catherine3
Level 4

I submitted a 1065 and did not correct the Schedule L to reflect bonus depreciation. Accumulated Depreciation is showing up as $51,301 on the schedule L and it should be $227,916. Consequently, Partner Capital Accounts are showing as $227,768 on the Schedule L when they should be $51,153. Everything else on the return is correct. However, this is a blaring mistake because I took most of that depreciation on this return. My questions are, should I do an ammended return now? Can I even ammend the Sched L? Should I wait to hear from the IRS? I know this will cause me problems next year when my beginning balances on the Schedule L are incorrect.

0 Cheers