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Opfor77
Level 5
March 12, 2023
Question

1065 Asset transfers

  • March 12, 2023
  • 1 reply
  • 21 views

Never used this software for a 1065 before.  Assets were transferred from a Sch C to a 1065 in December, 2022.  No income to show for 1065, but 1 month depreciation of the assets is $956.  Partner's capital accounts on Balance sheet is showing -$956, but nothing is being generated in the balance sheet for depreciated assets, or accumulated depreciation.  Why?  Nothing is showing anywhere on balance sheet assets.

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1 reply

dkh
dkh
Level 15
March 18, 2023

You need to check boxes on the Accumulated Depreciation, Amortization and Depletion Worksheet to get amounts to auto fill on Balance Sheet.   The rest of the Balance Sheet you need to enter - it will not auto fill.

 

    IRonMaN
    IRonMaN
    Level 15
    March 18, 2023

    You need have a balance sheet and income statement or a trial balance to start preparing a partnership return so I have always manually entered that information.  I'm not sure why that feature is even provided.

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