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Returning Member
posted Feb 7, 2021 12:44:34 PM

Do I need to file 4562 this year if I have in the past and want to skip?

I have a rental property that I have claimed depreciation over the past 5 years. Is it okay to skip it this year as I have a loss and don't need the extra "deduction?"  In addition, I sold the property last month so I would just have to claim it back with recapture depreciation if  I did claim it again for 2020. Thanks!

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1 Replies
Expert Alumni
Feb 7, 2021 1:00:34 PM

It is your tax return and if you choose not to take a rental expense, it is up to you. I am saying this as you fully understand that you will have to recapture it anyway.

 

However, I am a big proponent of doing things correctly. It is a couple of clicks of the mouse button and in years to come, you may not remember why you chose not to take the depreciation.