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fln2011
Returning Member

Why form 4562 is not in the forms for my tax return when I already entered my rental property for depreciation?

 
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Accepted Solutions
Coleen3
Intuit Alumni

Why form 4562 is not in the forms for my tax return when I already entered my rental property for depreciation?

Form 4562 is not required to be included each year with your return. Below are the circumstances that require it to be filed.

Use Form 4562 to figure your deduction for depreciation and amortization. Attach Form 4562 to your tax return for the current tax year if you are claiming any of the following items.

  • A section 179 deduction for the current year or a section 179 carryover from a prior year. See chapter 2 for information on the section 179 deduction.
  • Depreciation for property placed in service during the current year.
  • Depreciation on any vehicle or other listed property, regardless of when it was placed in service. Seechapter 5 for information on listed property.
  • A deduction for any vehicle if the deduction is reported on a form other than Schedule C (Form 1040) or Schedule C-EZ (Form 1040).
  • Amortization of costs if the current year is the first year of the amortization period.
  • Depreciation or amortization on any asset on a corporate income tax return (other than Form 1120S, U.S. Income Tax Return for an S Corporation) regardless of when it was placed in service.
  • https://taxmap.irs.gov/taxmap/pubs/p946-007.htm

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3 Replies
Coleen3
Intuit Alumni

Why form 4562 is not in the forms for my tax return when I already entered my rental property for depreciation?

Form 4562 is not required to be included each year with your return. Below are the circumstances that require it to be filed.

Use Form 4562 to figure your deduction for depreciation and amortization. Attach Form 4562 to your tax return for the current tax year if you are claiming any of the following items.

  • A section 179 deduction for the current year or a section 179 carryover from a prior year. See chapter 2 for information on the section 179 deduction.
  • Depreciation for property placed in service during the current year.
  • Depreciation on any vehicle or other listed property, regardless of when it was placed in service. Seechapter 5 for information on listed property.
  • A deduction for any vehicle if the deduction is reported on a form other than Schedule C (Form 1040) or Schedule C-EZ (Form 1040).
  • Amortization of costs if the current year is the first year of the amortization period.
  • Depreciation or amortization on any asset on a corporate income tax return (other than Form 1120S, U.S. Income Tax Return for an S Corporation) regardless of when it was placed in service.
  • https://taxmap.irs.gov/taxmap/pubs/p946-007.htm

amerr06
New Member

Why form 4562 is not in the forms for my tax return when I already entered my rental property for depreciation?

How do I apply form 4562 to my online tax return? 

JamesG1
Expert Alumni

Why form 4562 is not in the forms for my tax return when I already entered my rental property for depreciation?

@amerr06

Generally, IRS form 4562 is generated by the tax software when you place a new asset in service during the current year.

 

For instance, you owned depreciable properties A and B in 2019.  In 2020 you purchased property C. 

 

The 2020 IRS form 4562 would reflect only the new property C.

 

However, the form does have other uses.

 

Page 1 of the instructions for IRS form 4562 lists the purposes of the form.

 

Who Must File

 

Except as otherwise noted, complete and file Form 4562 if you are claiming any of the following. 

  • Depreciation for property placed in service during the 2020 tax year.
  • A section 179 expense deduction (which may include a carryover from a previous year).
  • Depreciation on any vehicle or other listed property (regardless of when it was placed in service).
  • A deduction for any vehicle reported on a form other than Schedule C (Form 1040 or 1040-SR), Profit or Loss From Business
  • Any depreciation on a corporate income tax return (other than Form 1120-S).
  • Amortization of costs that begins durlng the 2020 tax year.
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