Depreciation for All Assets; Form 4562

[garyt22]

In 2018 my forms contained 2 4562 schedules; one with All Assets which showed my depreciation for all of my rental properties along with amortization for intangibles.  There was also another 4562 labeled "Next Yr Depreciation" which showed the same assets with a calculated depreciation  for the following year.  In 2019, I cannot find these 2 forms.  I have a depreciation schedule for each individual asset but not the summary sheets I identified above.  Is there a reason for this ?

[Anonymous · Accepted solution]

if there were no asset additions the IRS does not require form 4562 and TT follows that practice.  However, the complete file should contain a depreciation report that does not go with the return. 

[garyt22]

Thank you. 

[Carl]

2 4562 schedules; one with All Assets which showed my depreciation for all of my rental properties along with amortization for intangibles.

Multiple rental properties on one single 4562 that prints in landscape format? If so, that tells me you are grouping properties, which is fine. But so long as there was no change with any of the assets in 2019, the form will NOT be filed with the IRS. It's not required unless something changes. However, if you select the option to print everything and then save it as a PDF, you will find both 4562's in the PDF and you can print only what you want or need to print.

[garyt22]

Great.  That makes sense.  Thank you !

[Waldtower]

I think your answer assumes that I used TT last year.  But, this is my first year using TT,  How do I transfer the Depreciation info, 4562, from my Accountants forms into my New TT account for 2020 Taxes??

[PattiF]

Here is a guide for how to go about entering it into TurboTax in order to duplicate the entries that have been made by the in the past and continue the same depreciation.

• Starting from the Rental Properties and Royalties selection under income, choose Update or Review to get to the details about your rental.
• Proceed to the Rental and Royalty Summary page, then Edit your rental property.
• Proceed through the questions until you reach the Review Your ___ Rental Summary page, then Start or Update the Assets/Depreciation section.
• Proceed to the point where you adding an asset on the page titled Describe This Asset.
• In order to enter the asset exactly as it has been reported in the past, choose the last option on the list, Intangibles, Other Property, then click Continue.
• On the next page titled, Tell Us a Little More, select Other asset type, then click Continue.
• Enter the detailed information about the asset:  description, cost, date purchased or acquired.  Click Continue.
• Continue with additional details on the next screen, then click Continue.
• Select the appropriate Asset Class, then click Continue.
• Choose the MACRS Convention, then click Continue.
• Select the Depreciation Method, then click Continue.
• Answer the question regarding Listed Property, then click Continue.  There may be some additional background questions as well, keep going.
• You will eventually come to a screen to confirm the Prior Depreciation, enter the data and click Continue.
• Finally, you will see an Asset Summary screen with the current year depreciation amount listed.  There is also a check-box here to Show Details.  This will open a full description for the asset so you can verify that it matches the previously reported information.  If it does not, you can choose to go Back and re-enter the data that needs to be changed.