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osprey-35
New Member

Where do I file form 4562 for Depreciation & Amortization of my wife's rental property as we have done since 2005

 
2 Replies
ChristinaS
New Member

Where do I file form 4562 for Depreciation & Amortization of my wife's rental property as we have done since 2005

You add the asset inside the Rents and Royalties entry for the property. The point of the Asset category is the calculation of depreciation.

  • Rental and Royalty Summary
  • edit property
  • Update or Start next to Assets/Depreciation
  • Add the Asset of the rental home itself
  • Choose Rental Real Estate Property and then Residential Real Estate so its calculated correctly
  • Confirm your Prior Year Accumulated Depreciation when that question arrives

You won't have a Form 4562 if all of your assets were placed in service in a prior year.

ChristinaS
New Member

Where do I file form 4562 for Depreciation & Amortization of my wife's rental property as we have done since 2005

Some software forces the 4562 even though the form instructions do not indicate a requirement when all assets are placed in service in a prior year. You can force a 4562 in the desktop version, but don't think this can happen online. The depreciation deduction just goes on Schedule E. There is nothing wrong with not having a 4562 if and when you didn't add new assets in the current year.
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