Form 4562 is showing amounts on Line 1 and Line 3, but they shouldn't be. Not sure why or how to get rid of it

[PatriciaV · Accepted solution]

The amounts on Form 4562 (Depreciation and Amortization) Lines 1 and 3 are limits set by the IRS. In other words, these are constants used to calculate allowable Section 179 depreciation. Even if you took no Section 179 depreciation this year, these lines will contain the IRS numbers.

Line 1 is the maximum section 179 expense deduction, which is generally $500,000 for section 179 property (including qualified section 179 real property) placed in service during the tax year beginning in 2016. (per IRS Form 4562 Line 1 Section 179 Deduction Limitation)

Line 3 is the maximum property cost allowable for all section 179 property before limitations are applied. (per IRS Form 4562 Line 3 Section 179 Maximum Cost)