Schedule L and loans

[judys3]

When entering loan information do you take a note and separate it from what is due in 1 year and what's   due in more than 1 year?  Lines 17 & 20 or would the entire loan balance if it is due in more than one year be put all in line 20?

[Jim-from-Ohio]

The balance sheet on the tax return is not GAAP so I put for long term the entire loan balance since the non-GAAP financial statements that I am working with do not break out short term loans and long term loans. 

[abctax55 · Accepted solution]

I do, but only because of occasional push back from lenders reviewing the balance sheet for current/long-term ratios.   I had 'one' years ago where the lender insisted on an 'amended' return.  I amended it for the lender; didn't file it with the IRS.  And I only did it 'cuz it was a really good client 😉

[judys3]

This is where I'm at right now.  I have amended the return for the lender and will not submit.  Thank you for the information.

[abctax55]

AND, I don't get too bogged down in pegging the short term portion.

CAGMC 🙂