What is Form 4562?
IRS Form 4562: Depreciation and Amortization is used to calculate and claim deductions for depreciation.
When you enter depreciable assets – vehicles, buildings, farm equipment, intellectual property, etc. – TurboTax will generate Form 4562 and apply the correct depreciation method. We'll even carry over any accumulated depreciation from last year's return that you transferred over.
There is no one place in TurboTax to enter your depreciable assets. Rather, when you enter your business, rental, farm, or certain job-related expenses, we'll ask about your assets and apply the depreciation at that point.