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ADA tax credit
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mickey
Level 4
02-28-2024
06:30 PM
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Hello
My client spent money (categorized as fixed assets) in her business to be ADA compliant. I filed form 8826 to ask for the credit. I reduced the fixed assets to reflect the $5000 credit taken so instead of depreciating $20000, for example, we are depreciating $15000 on the tax returns.
My question is how to adjust the books to reflect a lower value of fixed assets? Currently assets per books is $20000, as that's what she paid for the ADA equipment.
How should the $5K be recorded on the books?
Thank you
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1 Comment 1
sjrcpa
Level 15
02-28-2024
08:12 PM
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It's a book tax difference.
The more I know, the more I don't know.
