Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Feb 27, 2021 9:26:45 AM

I deduct depreciation from my rental property income. But my final return doesn't include any depreciation schedules. How do I fix this?

In previous years, TT attached a depreciation schedule to my return for every item I depreciated.  This year there's nothing, not even a form showing what was depreciated.

0 2 511
2 Replies
Expert Alumni
Feb 27, 2021 9:53:10 AM

You do not necessarily get a Form 4562 every year.

 

Use Form 4562 to figure your deduction for depreciation and amortization. Attach Form 4562 to your tax return for the current tax year if you are claiming any of the following items.

  • A section 179 deduction for the current year or a section 179 carryover from a prior year. See chapter 2 for information on the section 179 deduction.
  • Depreciation for property placed in service during the current year.
  • Depreciation on any vehicle or other listed property, regardless of when it was placed in service. See chapter 5 for information on listed property.
  • A deduction for any vehicle if the deduction is reported on a form other than Schedule C (Form 1040) or Schedule C-EZ (Form 1040).
  • Amortization of costs if the current year is the first year of the amortization period.
  • Depreciation or amortization on any asset on a corporate income tax return (other than Form 1120S, U.S. Income Tax Return for an S Corporation) regardless of when it was placed in service.

New Member
Feb 27, 2021 10:07:55 AM

Thank you for responding, this is really helpful.  So, since I didn't place any new items into service in 2020, nor do any of the other situations you listed here apply to me, my return doesn't need to include 4562? 

I guess this is the first year I haven't placed new, depreciable assets into service so this has never come up before.

Thanks!!