I managed my four rentals. I see that only two Forms 4562 were generated. I think I entered Sch E Wks similarly. Please, what did I miss? Also, do I file Forms 4562?

[Carl]

Depends on which form 4562s you're referring to. There's one that print in portrait format that gets filed with the tax return, and only if required.

Then there's two Form 4562'2 for each individual rental property, assuming you have not aggregated two or more properties into a single enterprise.  These two 4562's print in landscape format. One is titled "Depreciation and Amortization Report" and the other is "Alternative Minimum Tax Depreciation".

Depending on how multiple rental properties were aggregated, it's perfectly possible you may have more than one rental property reported on one set of 4562's.

[Grec]

Thank you for your instant response.

I'm sorry for being still at a loss. 

The two 4562s have the title 'Depreciation and Amortization (Including Information on Listed Property)', are printed as portrait, and each relates to one rental.

All four rentals were reported individually since purchased on the Sch E wks.

This is the first time TurboTax generated 4562s. (They are for the rentals owned for more than 10 years) 

[Carl]

The 4562 that prints in portrait format is only generated in a tax year where there is a change to an asset, requiring it to be reported.

The two 4562's per rental property are generated every year. But the only way to see/get them that I'm aware of, is to save the tax file in PDF format and elect to save everything, including all calculation forms and worksheets. Then the 4562's that print in landscape will be there for all properties.

I note also that a fair number of folks have mentioned that prior depreciation for some or all of their rentals were not imported from the .tax2019 file. (You can't import that data from a prior year PDF file.)  I strongly suspect this is your case.

What you can do is get the two 4562's for each property from the 2019 tax return, and just enter the data in your 2020 return manually. This way, you basically "put back" the depreciation history into the 2020 return without having to clear the return and start over from scratch. Might actually be easier and faster than clearing your 2020 tax return to start over and attempt the import again.

If you used the online version of the program for your 2019 tax return, then the PDF for that year is already in your account and can be downloaded from there. Instead of printing the whole thing (over 100 pages most likely) you can search through the PDF for the 4562's you need, and only print those pages.

[Grec]

Dear Champ Carl,

😀😀 😀 I got all the 4562s following your advice. Thank you, thank you, thank you.

Only I'm not sure if they are required to file or just for my records.

[Carl]

Weather the program determines if a 4562 has to be filed or not with your return really doesn't matter. What does matter is that you retain the depreciation history, because it will matter in the future when you sell or otherwise dispose of the property.

Reminder: To get the "correct" amount of prior years depreciation to enter in the 2020 tax return, on the 2019 form 4562 add together the amounts in the prior year depr column and the current year depr column. That total will be what you enter in the 2020 program as your prior year's depreciation already taken.

[Grec]

Thank you. Yes, I appreciate your note.