@amerr06
Generally, IRS form 4562 is generated by the tax software when you place a new asset in service during the current year.
For instance, you owned depreciable properties A and B in 2019. In 2020 you purchased property C.
The 2020 IRS form 4562 would reflect only the new property C.
However, the form does have other uses.
Page 1 of the instructions for IRS form 4562 lists the purposes of the form.
Who Must File
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 2020 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 or 1040-SR), Profit or Loss From Business
- Any depreciation on a corporate income tax return (other than Form 1120-S).
- Amortization of costs that begins durlng the 2020 tax year.
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