abctax55
Level 15

"Is there a better option?"

Yes, you need to have an in-balance working trial balance before you even start the return.

It should show:

Asset $ 100,000

Accum. Deprec ($ 100,000)

Truck Loan Payable 

IF down payment made

Cash ($ xx)

Truck Loan Payable $ xx

*************

Deprec Exp on P&L $ 100,000

ignoring ALL other income/expenses...the P&L will show a ($ 100,000)  which reduces the Retained Earnings on the Balance Sheet.

"*******Tax software is no substitute for a professional tax preparer*******
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