You'll need to sign in or create an account to connect with an expert.
If you failed to take depreciation deductions for two or more consecutive tax years, then you need to file Form 3115 and make a Section 481(a) adjustment.
See https://www.irs.gov/instructions/i3115#en_US_202212_publink100035791
The form is rather complex and you should seek guidance from a local tax professional.
It's not on Schedule E line 18? You don't get any backup worksheets or details for assets from prior years. You only get asset worksheets for new assets in the current year. But it should still give you the total depreciation.
Form 4562 is just a Summary of the Depreciation for the current year and doesn't list the items.
Using the Desktop program you can get an Asset Life History worksheet but you have to do it in Forms Mode, click Forms in the upper right (upper left for Mac) You can't get detailed worksheet showing all the assets but you can get the Asset Life History on each one. It doesn't print out with your return or save in the pdf. So you have to print each Asset Life History individually.
Scroll down the list of forms in your return to a Asset Entry or Asset Worksheet and open it. Then down on line 14 is a QuickZoom button to Asset Life History, Click on that.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
ccthealias
Level 2
siiinvest-yahoo-
New Member
Deanmhoward3
Returning Member
HLieu
New Member
dazz13
Level 1
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.