AnnetteB6
Employee Tax Expert

Investors & landlords

To be accurate, you may need to review your prior tax returns to determine the depreciation amounts that have already been claimed.  

 

Or, there may be a depreciation table (sort of like a spreadsheet format) that is included as a behind-the-scenes worksheet where you can see all of the assets being depreciated, the details of what depreciation is being used, and the prior depreciation claimed.  TurboTax generates this worksheet and it can be printed/viewed for your information but it is not filed as part of your tax return.  I would assume that other tax software programs generate something similar, but I'm not familiar with TaxAct to know for certain.

 

As for the amount you see on Form 4562, MACRS deductions for assets placed in service in prior years, that is the current-year depreciation deduction for any assets that were placed in service in a prior tax year.  That is not the amount that has been previously claimed in prior tax years.  If you did not place any new assets in service in 2022, then that is your only depreciation deduction for 2022.

 

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