No impact- it sounds like you are looking at your balance due or refund rather than the depreciation Form 4562. If you have reached the passive activity limitation or if your income is too high, you won't see an impact. I am assuming this is a rental property you own and is a passive activity.
Please take a look at:
- your income - income up to $100,000 -active participants can claim $25,000 rental loss. As your income increases, the allowed deduction decreases. At $150,000, zero deductions are allowed. MFS has different rules depending on whether you lived together or apart all year/
- Form 4562 to see the depreciation is entered correctly.
- Look at Sch E to see the depreciation on line 18
- Look at Form 8582 for limitation. See also Limitation on Losses. This will show a carryover loss -if you are limited.
- Sch E line 22 shows loss after limitation
- Instructions for Schedule E (Form 1040
To print or view your forms, including all worksheets:
- In desktop, switch to Forms Mode.
- For online:
- On the left side, select Tax Tools
- Select Print center
- Select Print, save or preview this year's return
- If you have not paid, select pay now.
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