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Does anyone know why my vehicle is being put on 4562 when I claim my business miles? I do not want to depreciate my vehicle. I want to add my info onto my schedule C

 
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1 Reply
JamesG1
Expert Alumni

Does anyone know why my vehicle is being put on 4562 when I claim my business miles? I do not want to depreciate my vehicle. I want to add my info onto my schedule C

Are you seeing the vehicle listed in Part V Listed Property?  Listed property is property that can be used for business and personal use and has special recordkeeping requirements.

 

If you are claiming business miles on a vehicle within a self-employment activity, as a listed property, you are required to disclose information about the listed property.  That is done on page 2 of IRS form 4562 Depreciation and Amortization.

 

 

If you are claiming actual expenses and depreciating the vehicle, the depreciation will be noted on page 1 of IRS form 4562 Depreciation and Amortization in Part III and / or Part IV.

 

 

@Travstattoos 

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