Solved: form 4562
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Level 2

form 4562

Form 4562 has to 2 different pages on my return. A "alternative minimum tax depreciation report", and a "depreciation and amortization report". Which page do i use when i am reporting the sale of my rental property for depreciation purposes? The amounts are not the same, thx

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Expert Alumni

form 4562

You would use the Depreciation and Amortization Report in order to report the sale of your rental property for depreciation purposes.  

 

See IRS Form 4797 Instructions on the Sale of Business Property for further information.

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6 Replies
Expert Alumni

form 4562

You would use the Depreciation and Amortization Report in order to report the sale of your rental property for depreciation purposes.  

 

See IRS Form 4797 Instructions on the Sale of Business Property for further information.

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Level 2

form 4562

 when i fill out the depreciation form, do i list each individual asset i listed over the years separately, or just report the sale of the house as a whole, including the assets? how do i get form 4797 to come up?

Expert Alumni

form 4562

Only real property can be listed on your depreciation schedule. You can also add improvements to the property on the schedule but no personal property should be included along with real estate when selling the property.

 

Here's a resource to help you locate and fill out form 4797

 

How to report Sale of Property

 

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Level 2

form 4562

i have done that, reported the rental as being sold, filled out the depreciation form, turbotax reviewed my return said i was ready to file. however, I do not think something is working because turbotax never asked me what the home sold for, my expenses for selling it, or what i spent on improvements i made to it, so i must have missed some thing somewhere. i have redone this 4 times over the last three days, with the same result. i do not know where i am screwing up.

New Member

form 4562

where do I go to print my depreciation schedule to show cumulative deprecation. 

Employee Tax Expert

form 4562

Please follow the steps below to print your depreciation schedule:

 

  1. Log into TurboTax
  2. Select Tax Tools on the left and then Print Center and choose the print center
  3. Select returns and choose to print all tax forms and all worksheets. 

To get your cumulative depreciation please add the prior depreciation to the current depreciation.

 

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