If there are no other items on the Form 4562 (Depreciation Schedule), you may want to delete the form.
You are only obligated to file Form 4562 if you're deducting a depreciable asset on your tax return. A depreciable asset is anything you buy for your business that you plan on using for more than one financial year. ... You'll need to file Form 4562 for every year that you continue to depreciate your asset.
How to delete form 4562
- Log on to your Turbo Tax Online account and open your return.
- Select My Account at the top of the page, then Tools from the drop-down box.
- In the Tools box, click on Delete a Form.
- When the list of forms in your return appears, look for "Form 4562: Depreciation and Amortization".
Because you claimed the Section 179 and fully depreciated the vehicle, you must continue to use the Actual expense deduction for vehicle expenses. You may not use the Standard mileage deduction.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
