topic how to enter or overwrite form 4562 in Deductions & credits

how to enter or overwrite form 4562

jego123 — Mon, 03 Feb 2020 11:17:43 GMT

Turbotax doesn't carry over my rental property depreciation any more for two years that I just found out. Call to Turbotax told me to overwrite it with the usual amount, but it won't take it. I went directly to schedule E to enter it there. It took, but in red color and doesn't calculate the amount entered. Any idea?

Re: how to enter or overwrite form 4562

KurtL1 — Mon, 03 Feb 2020 21:22:05 GMT

To correct the prior depreciation on the rental property assets you would:

Go back into the Rental Properties and Royalties (Sch E)
On the screen that says "Review Your 123 MAIN Rental Summary" select Assets/ Depreciation
Go to the Asset Summary and Edit the asset you wish to change the prior depreciation.
Go through the screens until you find the one that says "Confirm Your Prior Depreciation" and enter the correct prior year depreciation amount.

Re: how to enter or overwrite form 4562

CaptCook — Fri, 14 Feb 2020 16:06:19 GMT

I was happy to see an answer to my same problem, Before I do this correction, I'd like to know:

1) Will I have to this every year?

2) Since it remembers the address already, will it double count the property depreciation, or otherwise confuse the IRS?

3) 2017 return was correct, 2018 missed this depreciation which I just found out. Other major improvements were carried over. We have owned this property since 1999, and it has a 27.5 year life. Will the later 27.5 year improvements also disappear at some time in the future?

Thanks for your help on this issue.

Re: how to enter or overwrite form 4562

DaveF1006 — Mon, 17 Feb 2020 03:38:53 GMT

They will always remain in your return even if you fully depreciate. The reason being is that even though they fully depreciate, the depreciation will need to be recaptured if you sell or dispose of the asset.

Re: how to enter or overwrite form 4562

joshpresley2882 — Sat, 17 Feb 2024 14:44:29 GMT

THANK YOU!

Re: how to enter or overwrite form 4562

cbschilder — Wed, 12 Mar 2025 14:16:42 GMT

my asset was not in place in current year, how do I change that? where is the question in TurboTax?

Re: how to enter or overwrite form 4562

ThomasM125 — Wed, 12 Mar 2025 19:04:07 GMT

You have to update your business entries and on the screen that says Your (name of business) Business, Start or Update the Assets Being Depreciated, under Business Assets to enter your missing asset:

@cbschilder