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charlie_ldn
Level 1

How do i add assets to my tax returns

 
2 Comments 2
john-pero
Community Champion

How do i add assets to my tax returns

Assets, whether purchased or sold, cannot be tracked in QBSE - it is single entry and cannot account for double entry bookkeeping required with asset management. Nor can you produce a proper  Balance Sheet. Purchase of an asset is not a tax event. Annual Depreciation or Gain on Sale would be a taxable event and there are separate forms for each. These you would fill out when filing your taxes but are not incorporated into your QBSE company file. TurboTax should ask you questions through the process related to addition of assets

Angelyn_T
QuickBooks Team

How do i add assets to my tax returns

Hi Charlie.

 

Thank you for reaching out to us here on the Community page. I can share with you some information about preparing tax returns in QuickBooks Self-Employed (QBSE).

 

Creating a new type of account is not yet an option with QBSE. Thus, being able to add assets to your tax returns is currently unavailable. At this time, I recommend classifying your transactions accordingly base on the Schedule C categories mandated by the IRS. 

 

You can open these articles for your guide:

 

 

To get ready with filing and preparing your taxes in QBSE, you can also check out these links:

 

 

If you have any other questions about taxes and categorizing transactions in QBSE, please let me know by adding a comment below. I'm always here to help. Have a good one!

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