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evelynemitchell
Returning Member

Do I need to file a form 4562 when the property is completely depreciated? TurboTax still prints the forms 4562 to be filed?

I have used Turbo tax for many years. Turbo Tax always computed the next year depreciation. Now some of the rental properties are completely depreciated and no depreciation is claimed on my tax return. Turbo Tax still prints the forms 4562 for the fully depreciated properties. Can I eliminated them from my tax return, since I file by mail?

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1 Reply
MarilynG
Expert Alumni

Do I need to file a form 4562 when the property is completely depreciated? TurboTax still prints the forms 4562 to be filed?

If you still file a Schedule E with rental income and expenses, you should continue to include your Form 4562 with your return.

That way the IRS can easily see why you are not claiming required depreciation on your rentals.

Also, sometimes the Form 4562 contains depreciation for other items associated with the rental property. 

Here's a detailed article:

https://turbotax.intuit.com/tax-tips/rental-property/tax-deductions-for-rental-property-depreciation...

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