Account Mapping to Schedule C Tax Line for Section 179 Expense

That is not correct. Check out QB desktop, edit the Depreciation Expense for tax line mapping.

I have the same problem. 

@Rus Revisiting this, is this the correct approach:

Upon purchasing the fixed asset, let's say a truck for $8,000:

1. Credit "Fixed Asset:Truck" account for $8k

2. Debit: Checking account for $8k

3. Create "Accumulated Depreciation:Truck" account with no balance.

Then, at the end of the year, the journal entry:

4. credit "Accumulated Depreciation:Truck" account for $8k bringing the balance to -$8,000

5. Debit "Depreciation Expense" account for $8,000.

Correct?

Then when I sell the truck, 

6. Credit checking account for the amount made, and

7. Debit Accumulated Depreciation:Truck by the amount made, leaving the balance

What then do I do at the end of the year for the journal entry with that remaining balance in Acc. Dep. account? 

Thanks!

Revisiting this, is this the correct approach:

Upon purchasing the fixed asset, let's say a truck for $8,000:

1. Credit "Fixed Asset:Truck" account for $8k

2. Debit: Checking account for $8k

3. Create "Accumulated Depreciation:Truck" account with no balance.

Then, at the end of the year, the journal entry:

4. credit "Accumulated Depreciation:Truck" account for $8k bringing the balance to -$8,000

5. Debit "Depreciation Expense" account for $8,000.

Correct?

Then when I sell the truck, 

6. Credit checking account for the amount made, and

7. Debit Accumulated Depreciation:Truck by the amount made, leaving the balance

What then do I do at the end of the year for the journal entry with that remaining balance in Acc. Dep. account? 

Thanks!

I don't know about the original poster but I AM pulling my info into Turbo Tax and it isn't right. SO... what is the tax mapping line for Depreciation Expense??

Where are you selecting this?  I'm in QB desktop Enterprise; I only have a tax 1099 preference.

I came here looking for the same type of question. The answers here are not addressing the question. In the QBO accountants version in "Prep for Taxes" under the tax mapping tab- you choose the software you are going to pull the information into- I am confused as to why TurboTax isn't one of the options since it is under the Intuit umbrella- but I chose ProSeries- because it seems to have all the forms involved for tax mapping as opposed to ProConnect which only has the schedule c ONLY- no home office, etc- but neither seem to have mapping for the depreciation form- I have to assume then that these accounts remain unmapped and then you manually add them to the tax return? I am also surprised there are no replies here from QB or Intuit clarifying the issue. 

TurboTax is not integrated with QuickBooks Online Accountant (QBOA) for tax preparation because they target different user groups, @imroti. Allow me to explain in further detail.

TurboTax is tailored for individual taxpayers with its user-friendly interface for personal tax filing, whereas QBOA is designed for accountants and tax preparers who need more robust tools for managing multiple clients and complex tax scenarios.

Currently, QBOA supports software such as Intuit ProConnect Tax, Intuit Lacerte Tax, and Intuit ProSeries Tax, all tailored for professional use with features like extensive form libraries and multi-client management. This focus ensures that professionals have the necessary tools for effective tax preparation.

You can visit this link for further comparison details: Comparing Lacerte and ProSeries and ProConnect Tax.

Also, if you want to use TurboTax in the future, refer to this article: QuickBooks Live Tax in QuickBooks Online.

Moreover, you can elevate your financial management to new dimensions with the guidance of our Explore QuickBooks Payroll team. Our experts excel at refining your financial processes and imparting personalized advice that aligns with your business objectives. A click is all it takes to embark on a journey toward financial excellence.

Each product offers distinct features and tools, @imroti. Lacerte and ProSeries are more comprehensive and suited for complex tax situations, whereas TurboTax is more user-friendly for straightforward tax filing. Knowing these functionalities can improve efficiency and accuracy in tax preparation. If you have further questions or need assistance, please reach out. Wishing you success in your tax-related endeavors!