Schedule L on 1065 doe not tie to books - Do I need to ammend return

[catherine3]

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.

[dkh · Accepted solution]

If it were me.....  I would not file the amended return if it is not changing K1 information that the members/partners need to file their returns.     If IRS does send a love letter - then file the amendment.

I would change the return so the correct information carries forward to 2023.   

I would bet my last piece of chocolate that IRS receives thousands of returns that Schedule L is incorrect or completely missing without consequences.

[catherine3]

Thank you very much. I will wait to hear from them. I appreciate your help.

[dkh]

You're welcome