Is form 4562 actually needed?

[Arunkumar]

Where do I enter Form 4562?

Where do I enter Form 4562?

Where do I enter Form 4562?

IRS Form 4562 is used to calculate and claim deductions for depreciation and amortization. 

When you enter depreciable assets – vehicles, buildings, farm equipment, intellectual property, etc. – we'll generate Form 4562 and apply the correct depreciation method.

There is no single place in TurboTax to enter depreciable assets. Instead, when you enter your business, rental, farm, or job-related expenses, we'll ask about related assets and apply the depreciation at that point.

Related Information:

• What is rental depreciation and how does it differ from an expense?
• How do I handle capital improvements and depreciation for my rental?
• How do I delete forms in TurboTax Online?
• How do I delete a tax form in the TurboTax CD/Download software?