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How can I get form 4562 generated for my rental property

I have had rental property with depreciation for years, but turbo tax is not generating a 4562 for me to complete on this property. How can I generate a 4562 for completion

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9 Replies
view2
New Member

How can I get form 4562 generated for my rental property

When you use TurboTax every year, TurboTax keeps track of all the assets you have already been depreciating, so you can accurately track and report multi-year depreciation.

Generally the Form 4562 is generated for a new asset placed in service for the tax year,

With the desktop version when you are at your summary screen click the forms  radio button.

Scroll down the form to.

  quickzoom asset life history 

Click radio quickzoom button to right.

Need8601
Returning Member

How can I get form 4562 generated for my rental property

@view2 Please help clarify.  Did you mean that TurboTax Premier only generates Form 4562 for the first-year tax return when the property is just converted for rental?  Thanks.
view2
New Member

How can I get form 4562 generated for my rental property

@Asker7  No version was mention in the answer, when you enter a new asset into the program a Form 4562 is generated, when you print for your records all forms and worksheets are printed that you maintain for your  records.
Your using the desktop version , you can click forms in upper right, let populate and then print  then select from forms listed in left panel to open and  print a particular form.
If you open the asset worksheet you can quickzoom to the asset life history and print it.
Need8601
Returning Member

How can I get form 4562 generated for my rental property

@view2 You said "Generally the Form 4562 is generated for a new asset placed in service for the tax year".  I thought "a new asset" means a property becomes a rental property for the first time in a tax year, thus "a new asset".  Did I understand "a new asset" incorrectly?

I used "Turbotax 2016 Premier" CD for Windows and did my tax return on Windows 10.  I followed your steps (Thank You) and got "Asset Life History".  But on "Forms in My Return", there is no item "Form 4562" under "Schedule E Wks" as there are only 4 items "AMT Report", "Asset Wks", "Depre Report" and "Sch E 2 Yr Comp".  On the contrary, my 2015 return using "TurboTax 2015 Premier" CD for Windows 10 has the above 4 items plus item "Form 4562".  Is the missing item "Form 4562" for 2016 return due to the fact that the rental property was unrented for more than 3 months in 2016?  Thank you for your help.
view2
New Member

How can I get form 4562 generated for my rental property

If you have the asset life history for the rental property asset your O.K.
Turbotax has the needed information and will file the correct schedules and forms for filing.
Need8601
Returning Member

How can I get form 4562 generated for my rental property

As TurboTax 2016 does not generate Form 4562 for filing the tax return to IRS, I am concerned that IRS will come back to me asking for the missing Form 4562.  Is there an Intuit email address or a forum that I can ask Intuit directly about it?

A separate question: for over 3 months in 2016 the property was unrented.  Do I enter the unrented days as "personal use" or something else in TurboTax Premier?
view2
New Member

How can I get form 4562 generated for my rental property

Personal use means that you used the property personal. after it become a rental. Holding out between tenant is not personal use .

You stated
"I have had rental property with depreciation for years"

Form 4562 is generated only in the year placed in service.Answer are based only what is state in  original question.That is why I stated if you have the asset history your are O.K. My second sentence answered the question.

How do I contact TurboTax?

<a rel="nofollow" target="_blank" href="https://support.turbotax.intuit.com/contact/">https://support.turbotax.intuit.com/contact/</a>

In the "Ask your question" box, enter your question and click "Submit".
Need8601
Returning Member

How can I get form 4562 generated for my rental property

@view2  Thank you so much for your help.  I appreciate it very much!
view2
New Member

How can I get form 4562 generated for my rental property

Your welcome
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