I have 5 rental properties and Turbo Tax only produces 3 Form 4562. Can anybody tell me why? If it's OK just file like that?

Form 4562 is used to report depreciation on business property.   For the 2 properties that don't have Form 4562, it could mean that those 2 rental properties have only fully depreciated property or you haven't set up any property to be depreciated.  So it could be correct.

Go back to your asset summary for those 2 properties and make sure you went through the all the assets on your Asset Summary.  

Use Form 4562 to:

• Claim your deduction for depreciation and amortization.
• Make the election under section 179 to expense certain property.
• Provide information on the business/investment use of automobiles and other listed property.