KrisD15
Expert Alumni

Deductions & credits

Yes,

please look at Form 4562 from your prior year (2022)  return.

This will list the depreciation previously taken (prior to 2022) as well as your 2022 depreciation, so you will add them together for prior depreciation for 2023. 

It also lists the life of the asset and what type of depreciation method was applied. 

 

Your accountant may have also included a Depreciation Schedule separate from your tax return. 

 

Also please be aware that if there is a business vehicle, that might have used the Standard Milage rate which has a "Depreciation Equivalent" built into the miles claimed. That amount would be needed when the business vehicle is sold. It the Actual Expense was used, the vehicle will also be listed on the 4562. 

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