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May 12, 2021
Question

I looked for a list of depreciated items for my rental properties on my 2019 tax return and I could not find the list. Can you help me find the list?

  • May 12, 2021
  • 2 replies
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    2 replies

    AmyC
    Employee
    May 13, 2021

    Only items placed in service during that year are on your tax forms. Otherwise, they are just dollar values in the carryover spot.

     

    You need to revisit all of your prior depreciation schedules to locate everything. It is best if you have a notebook for finances and Sch E kept separate from your returns.  Keep it safe and each year, add your year-end statements from all your financial accounts plus a copy of your W2’s, your schedule E carryover information, and proof of your basis in your various investments.

     

    You must keep tax records related to a rental house from the time you purchase until you sell plus 3 years. It is very easy to lose track of disallowed losses, depreciation, etc.

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    Carl11_2
    Employee
    May 13, 2021

    First, you need to save the return as a PDF file if you haven't done so already. When you save it, you must save absolutely everything. Not just the "forms required for filing" and not just the "forms to keep for your records". You need to save *everything*.

    Next, open up the PDF file. What you are looking for are two IRS Form 4562's for that specific rental property. Both of these forms print in landscape format. One is titled "Depreciation and Amortization Report" and is most likely the one you are seeking. The other is title "Alternative Minimum Tax Depreciation Report" and only comes into play if you fall into a situation that requires you to pay AMT on that rental income. (Not common - but it does happen often enough to make it necessary to mention here.)
    Those forms are not filed with your tax return unless something changes or gets changed on one of those forms, such as adding or selling an asset, or removing an asset from service. But those two forms are included in the tax return every single year, weather they get filed for that tax year or not.