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Is there anyway to add the depreciation form 4562 into my turbotax return for this year for future use if we didn't rent the property in 2022?

Last year the tax accountant added depreciation to our tax filing even though it wasn't rented so we would have it if we decided to sell in the future.  
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2 Replies
GeorgeM777
Expert Alumni

Is there anyway to add the depreciation form 4562 into my turbotax return for this year for future use if we didn't rent the property in 2022?

No, you are not allowed to take depreciation unless the property in question has been put "into service," or in the case of a rental property, when the property is made available for rent.  If you placed property in service, which essentially means that you are using the property in your trade or business, then you can claim depreciation on that property.  

 

@garyrebman-gmail

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Carl
Level 15

Is there anyway to add the depreciation form 4562 into my turbotax return for this year for future use if we didn't rent the property in 2022?

Last year the tax accountant added depreciation to our tax filing even though it wasn't rented so we would have it if we decided to sell in the future.

When was this property originally converted to a rental? Maybe you purchased it years ago and it's been a rental since your owned it?

Was the property "available for rent" in 2022? If yes, then why was it not rented? Generally, the "why" doesn't matter. But having a property classified as a rental for an entire year and not renting it out, has a fairly good probability of raising eyebrows. Either there's a good reason, or you have what "appears" to "me" to be an uninformed accountant. The details matter here.

 

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