How to complete Schedule L on the form 1065?
My schedule L is not balancing because of “Net Income” on the book balance sheet. Where would I report Net Income on the Schedule L for a form 1065?
Hi Timothy! Great question. Schedule L is for you to record your assets, liabilities and equity. You can find this info on your Balance Sheet report. Net income is not reported on Schedule L because it is not part of the balance sheet.
All the Best-
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