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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
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- California Depreciation Off Balance in 2021- 568
California Depreciation Off Balance in 2021- 568
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lina
Level 3
02-02-2022
09:00 PM
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Partnership tax returns 568- California Depreciation:
I have two clients who are both off balance on California and both due to depreciation. And these are old assets that have been deprecating with no off balance issues since 2018 (for both clients).
Everything all matches perfect, everything carried over correctly.
Is anyone else having this issue? I do not know what to do to balance.
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sgmaccpa
Level 1
02-15-2022
09:39 PM
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Yes, having the same issue. The software is picking up schedule K income on Line 3 of M-2 as net income (loss) per books rather than book income on line 1 of M-1. Not sure why. I think it has something to do with the tax basis capital account requirement and the balance sheet defaulting to federal.
