Does turbotax premier support form 4562?

Forum|Forum|7 years ago
June 6, 2019
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TurboTax Premier Windows

Best answer by Irene2805

Yes, TurboTax Premier does support Form 4562 - Depreciation and Amortization.

Irene2805Answer

Level 15

Yes, TurboTax Premier does support Form 4562 - Depreciation and Amortization.

Petlove

Level 2

If you only sold a home without taking depreciation for a home office, etc. then you do not need to complete the form 4562. You enter the sale of your residence just like you did a stock transaction and use the code in specific column to indicate that it is sale of home. This cancels out the loss on Schedule D. (same column as wash sale, etc.). You must have the same info as for stock transaction such as gross sales, basis, etc.

coragripp

Level 2

I cannot access form 4562 and I have turbo tax premier

DoninGA

Level 15

@coragripp wrote:

I cannot access form 4562 and I have turbo tax premier

A Form 4562, Depreciation and Amortization only becomes available if -

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 2018 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), Profit or Loss From Business, or Schedule C-EZ (Form 1040), Net Profit From Business.
• Any depreciation on a corporate income tax return (other than Form 1120S).
• Amortization of costs that begins during the 2018 tax year.