Help please! A little background first. My tax preparer claimed the depreciation deduction for the first time in 2018 on my Schedule C line 13 and completed Form 4562 with a recovery period of 5 years. Unfortunately he didn't claim the deduction in 2019 so now I'm amending my 2019 1040 return to claim it on Schedule C.
First question, do I need to file form 4562 again? Secondly, do I also need to file Maryland's form 500DM?
If so it's unclear to me specifically what values I'm to enter for the 500DM form.
Thanks for your response.
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It depends. Form 4562 is required to be filed in any year when a new asset is placed in service for business use. If you do not have any new assets in 2019, then a Form 4562 is not required to be filed with your original or amended tax return for 2019. The deprecation amount calculated would simply continue to carry to your Schedule C each year.
Based on my review of the Maryland (MD) 500DM form, and your statement above about using a recovery period of 5 years, without the use of federal options for special bonus depreciation or section 179. If this is true then Form 500DM is not required to be used.
Thank you so much.
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