Partnership Balance Sheet

[Terry D EA]

I have prepared a partnership return that is all residential rental activities. Also, I have prepared all of the financial statements as well as including a policy for the new repair regs. The partnership is excluded from completing the balance sheet due to the income level. Would any of you add it to the return anyway? I'm thinking of doing this.

[jklcpa]

I give only what is required, nothing more.  I do check the box to force the balance sheet to make sure I'm in balance while I'm working on the return, and then I remove that before filing.  What is your reason for wanting to include this?

[michaelmars]

I always do schedule L no matter what.

[BulldogTom]

I think it is a good idea to include even if not required.  Keeps the balances in your tax software so you have the beginning balances so you can hunt down those "mysterious changes" to the balance sheet the next year.

 

Tom

Newark, CA

[jklcpa]

Oh, I do always enter it so I do have the info, but if the box is checked 'yes' for "Do you meet these requirements..."  then in order for it to print on the return, the user must check a box to force its inclusion.  Isn't ATX still this way?

[ILLMAS]

I usually include it in all returns I prepare, with the exception of 2 or 3 clients that their books are a mess.

[Terry D EA]

I don't have any particular reason other than those mentioned here. My software does have the box to check to force the balance sheet. I too just thought it would be a good idea even though it is not required.

[HV Ken]

We always do the balance sheet.

[Randall]

I like to do the Sch L but not for clients with just rental activity.

[Lion EA]

I always do the balance sheet.  (Your're gonna need it when they sell or....)  Sometimes, I do not include it in the copy that's e-filed or client mails, but most times I do include.

[Terry D EA]

Well I have all of the financials separate on spreadsheets from the tax return. So, maybe I go overboard with records but the tax return is one thing and financial reporting is another. I guess it does no harm to enter the balance sheet information in the tax return.

[michaelmars]

I like to do the Sch L but not for clients with just rental activity.

why not?

[Randall]

michaelmars:  For me, multiple properties, there's usually nothing there but the property on the fixed asset schedule and the mortgage liability.  It's just additional work to consolidate multiple properties to do the Sch L.