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Ray1
Level 3

I received CRITICAL NOTICE: for Rental Properties and Royalties (Sch E) but I have not filed Form 4562 Depreciation and Amortization Report last year, what should I do?

@tagteam Now I only find 2 pages for this property. Let me give you a bit of information about that property.

Its a duplex and I bought it and got the mortgage. I only had on mortgage on it its had two addresses like 01 yyy and 02 yyy. I only received one page 1098 from the lender and during the filing I had it  as 01 & 02 yyy and averaged the personal usage by (rental usage of property 1 + rental usage of property 2 -my usage of property 1) / (rental usage of property 1 + rental usage of property 2)

was that a complete mistake? if so, how can I fix the mess I made?

tagteam
Level 15

I received CRITICAL NOTICE: for Rental Properties and Royalties (Sch E) but I have not filed Form 4562 Depreciation and Amortization Report last year, what should I do?

@Ray1 

 

It appears as if you have utilized an overly complex formula but I believe it would yield accurate results (i.e., interest paid from your usage is entered on Schedule A and interest paid from the rental use is entered on Schedule E).

Ray1
Level 3

I received CRITICAL NOTICE: for Rental Properties and Royalties (Sch E) but I have not filed Form 4562 Depreciation and Amortization Report last year, what should I do?

So I shouldn't worry about it, right? Just I go ahead and do the steps recommended here https://ttlc.intuit.com/community/asset-depreciation/help/how-do-i-fix-my-rental-properties-and-roya...

tagteam
Level 15

I received CRITICAL NOTICE: for Rental Properties and Royalties (Sch E) but I have not filed Form 4562 Depreciation and Amortization Report last year, what should I do?

Yes, do the steps in that help article.

Ray1
Level 3

I received CRITICAL NOTICE: for Rental Properties and Royalties (Sch E) but I have not filed Form 4562 Depreciation and Amortization Report last year, what should I do?

Thanks you were really helpful 🙂

amill0419
Returning Member

I received CRITICAL NOTICE: for Rental Properties and Royalties (Sch E) but I have not filed Form 4562 Depreciation and Amortization Report last year, what should I do?

I can't find anything called Form 4562-Depreciation and Amortization Report in my 2019 return....what do I do now?

 

Carl
Level 15

I received CRITICAL NOTICE: for Rental Properties and Royalties (Sch E) but I have not filed Form 4562 Depreciation and Amortization Report last year, what should I do?

@amill0419  in order to get the two 4562's that print in landscape format, you *must* save *everything* in the tax return as a PDF file. Not just the "forms to be filed" and not just the "forms for your records". You *must* save the tax return, all forms, and all calculation worksheets. Saved as a PDF, the document will easily contain over 100 pages. (with three rentals of my own, my PDF is over 200 pages). Then you can search the PDF for the two form 4562's as titled and explained in this thread already.

 

Ray1
Level 3

I received CRITICAL NOTICE: for Rental Properties and Royalties (Sch E) but I have not filed Form 4562 Depreciation and Amortization Report last year, what should I do?

Another question. I sold the property and I only see it under the sold rental property. Is this the same as what is described here (https://ttlc.intuit.com/community/asset-depreciation/help/how-do-i-fix-my-rental-properties-and-roya...) or should I do it differently?

 

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