Beginning assest balance

[Gina]

Hi room

It is my first year of filling out Schedule L because the receipts were under 25000for the first 2 years

2016 and 2017  i did the journal entry to deprecition in my book to match with tax return so it showed on my tax the book depreciation only one line on schedule and nothing else since i said that it matched my book and didnt fill out schedule L. I was not sure if it was te correct way to do it. I shpuld haave asked back then.

This year i have fill out the schedule L and my begining assest is out of balance about 10k

Do i have to redo my journal entry for depreciation expense by the straight line or can i just use the number from yhe depreciation sheet from my tax return for 2016 and 2017

Would this change my k1s for 2016 amd 2017

Should i amend 1120s for 2016 and 2017 because of this or should i just use the depreciation expense from tax return for my book for 2016 and 201u then use straight line expense for 2018and on

Thank yoi

[ILLMAS]

I am not in the office yet, but you can reconcile between book vs tax depreciation on the M-1 and should work.

[jklcpa]