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1120S and 4562: Fully depreciated vehicle, with personal use by >5% shareholder

My 1120S business owns a truck, purchased in 2015 and is fully depreciated.

I list the truck in TurboTax Business (desktop) as an Asset.  I also enter Vehicle Expenses (fuel, tires, insurance, etc) in the Business Expenses screen.  I sometimes use the truck for non-business trips, about 15%, so it's listed property.

 

In the IRS instruction for 4562 Part V Listed Property, they state "if you claim actual vehicle expenses (including depreciation)..., you must provide the information reqested in Part V, regardless of the tax year the property was placed in service."  

I think that means I need to file 4562, section V, and fill out Section B lines 30-36, even though the truck is fully depreciated.

 

However, TurboTax didn't include 4562 in my return .  

Am I misunderstanding the IRS instructions?  Or is there something in TurboTax that triggers this form and I missed it?

Thank you!

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2 Replies

1120S and 4562: Fully depreciated vehicle, with personal use by >5% shareholder

If the asset is fully depreciated then it will not produce a form 4562 if it is not needed.  To force the page 2 switch to the FORMS mode and enter the required information manually.

1120S and 4562: Fully depreciated vehicle, with personal use by >5% shareholder

Thank you for your attention to this!  

This is the first year I've used TurboTax for my 1120S; always hired CPAs in the past.  They would always file form 4562, sometimes with mileage and sometimes not, but always filled in line 26, even after fully depreciated.

 

As you suggested, I've entered the mileage in Section B.   Not sure if I should note the vehicle on line 26 or not, but I think I'll leave it blank since TurboTax didn't list the vehicle there. 

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