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William104
Returning Member

Asset depreciation forms 4562 and 4792

Due to lost tax records for my rental property acquired in 1981and sold in 2023, I am trying to recreate my list of assets depreciated.  I made 12 line entries on  the Asset Depreciation and Amortization report. Mainly appliances and flooring purchased in the 80s and 90s.

On form 4792, I only see 5 of the 12 entries. Also when looking at the Asset Entry Worksheet I see 3 'red' entries on 9 of the 12 entries;  for "line 10, Prior year depreciation," " line 20, Date sold or given away,"  "line 50, recovery period." Also on 1 it is red for 'opt out of special depreciation 9h". The entry is 'no' and the 'yes box' is pink.  I thought I made all the appliance and flooring entries the same. I neve saw any question regarding 'opt out of special depreciation'.

What am I doing wrong??

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1 Reply
MarilynG1
Expert Alumni

Asset depreciation forms 4562 and 4792

The question about 'opting out of special depreciation' appears when adding a new asset.

 

It could be that you elected a Section 179 deduction or a 100% Special Depreciation Allowance for the assets you are not seeing, or that they are now fully depreciated.

 

Here's more detailed info on How to Depreciate Property. 

 

 

 

 

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