DianeW777
Expert Alumni

Get your taxes done using TurboTax

It depends.  Form 4562 is required to be filed in any year when a new asset is placed in service for business use. If you do not have any new assets in 2019, then a Form 4562 is not required to be filed with your original or amended tax return for 2019.  The deprecation amount calculated would simply continue to carry to your Schedule C each year.

 

Based on my review of the Maryland (MD) 500DM form, and your statement above about using a recovery period of 5 years, without the use of federal options for special bonus depreciation or section 179. If this is true then Form 500DM is not required to be used.

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