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Investors & landlords
You can delete the form 4562 as follows:
Sign in to TurboTax and open your return by selecting Continue or Pick up where you left off. In the left menu, select Tax Tools and then Tools. In the pop-up window Tool Center, choose Delete a form. Select Delete next to the form/schedule/worksheet in the list and follow the instructions. Form 4562 is the depreciation schedule.
The rental property should be properly disposed of for tax purposes. You can use the steps below to remove the property for rental use then the depreciation schedule will not continue to pop up.
When you are in the rental activity for 2022, you must select the 'Assets' section, then in each asset you must go to the screen titled 'Tell Us More About This Rental Asset'.
- Once you reach this screen for each asset, you must select 'This item was sold, retired, stolen, destroyed, disposed of, converted to personal use....'
- Next enter the date you stopped using the asset for rental purposes. And answer 'Yes' you always used this asset 100% of the time for business. (The percentage of use doesn't change until after conversion from rental to personal use.)
- Select 'Yes' for Special Handling due to 'You converted the asset to 100% personal use'. You should have reported that the property is not rented anymore, sold or whatever happened. See below how to show the property use has changed.
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‎April 3, 2023
8:12 AM