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ajbadgerIII
Returning Member

Two Rental Properties but only one Form 4562

For my 2019 tax return, I had two properties, and form 4562 showed the combined depreciation values for both. In addition, there were no new assets added in 2019 to depreciate. However, my 2020 taxes have a 4562 form, but it doesn't combine the depreciation values of both properties on line 17 in Part III as it did for 2019. Instead, it lists only the property for which I added a new asset. Is this as it should be? If so, why did my 2019 combine the two depreciation values and place in on the 4562 form?

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2 Replies
Carl
Level 15

Two Rental Properties but only one Form 4562

There is one 4562 that gets filed with the tax return. That one prints in portrait format. It's only filed in the first year, and any other year where something changes on any of the other 4562's for a rental property. Only the change really needs to be reflected, and only for the property where the change occurred.

For the other 4562's, there are two for each rental property and they both print in landscape format. These two have the "details" of each asset for a specific property and never get filed with any tax return.

The total amount of depreciation for all properties is reflected on line 23d of the SCH E.

ajbadgerIII
Returning Member

Two Rental Properties but only one Form 4562

Thank you!

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