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State tax filing
You often don't have to file form 4562 every year you take depreciation. Generally, you file form 4562 when you acquire a depreciable asset in the current year or took a Section 179 deduction.
Items that fall under the De Minimis Safe Harbor Election for Assets are expensed (deducted) in the current year rather than depreciated. Read about how this works at https://www.irs.gov/businesses/small-businesses-self-employed/tangible-property-final-regulations#Ad...
Here is the entire list from the IRA about when you have to file the 4562:
"Except as otherwise noted, complete and file Form 4562 if you are claiming any of the following.
- Depreciation for property placed in service during the 2017 tax year.
- A section 179 expense deduction (which may include a carryover from a previous year).
- Depreciation on any vehicle or other listed property (regardless of when it was placed in service).
- A deduction for any vehicle reported on a form other than Schedule C (Form 1040), Profit or Loss From Business, or Schedule C-EZ (Form 1040), Net Profit From Business.
- Any depreciation on a corporate income tax return (other than Form 1120S).
- Amortization of costs that begins during the 2017 tax year."
‎June 4, 2019
12:19 PM