There are circumstances where a 4562 does not need to be filed. Here are the conditions;
- A section 179 deduction for the current year or a section 179 carryover from a prior year. S
- Depreciation for property placed in service during the current year.
- Depreciation on any vehicle or other listed property, regardless of when it was placed in service. listed is property such as automobile, cell phone, computer, etc. These properties are used in business, while they can also be used for personal business.
- A deduction for any vehicle if the deduction is reported on a form other than Schedule C (Form 1040) or Schedule C-EZ (Form 1040).
- Amortization of costs if the current year is the first year of the amortization period.
- Depreciation or amortization on any asset on a corporate income tax return (other than Form 1120S, U.S. Income Tax Return for an S Corporation) regardless of when it was placed in service.
If you didn't place any new assets in service this year, a 4562 is not required. Please read the IRS link for more information as it explains listed property and the Section 179 deduction.
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