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In Turbotax for Business Version xxx.xxx.xxxx, how do I turn on the option to generate For 4562 for all properties?

Forum|Forum|5 years ago
January 20, 2021
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It only generates one Form 4562 for the newest property.

TurboTax Online

Best answer by JamesG1

IRS form 4562 generally reflects information for properties placed in service during the current year.

For instance, you owned depreciable properties A and B in 2019. In 2020 you purchased property C.

The 2020 IRS form 4562 would reflect only the new property C.

Is this, in fact, what you are seeing? Or are you reporting something else on the form?

Page 1 of the instructions for IRS form 4562 lists the purposes of the form.

Who Must File

Except as otherwise noted, complete and file Form 4562 if you are claiming any of the following.

Depreciation for property placed in service during the 2019 tax year.
A section 179 expense deduction (which may include a carryover from a previous year).
Depreciation on any vehicle or other listed property (regardless of when it was placed in service).
A deduction for any vehicle reported on a form other than Schedule C (Form 1040 or 1040-SR), Profit or Loss From Business
Any depreciation on a corporate income tax return (other than Form 1120-S).
Amortization of costs that begins durlng the 2019 tax year.

The form 4562 is ONLY required if you added a new asset on the return .... so you have no reason to force the unneeded form.

IRS form 4562 generally reflects information for properties placed in service during the current year.

For instance, you owned depreciable properties A and B in 2019. In 2020 you purchased property C.

The 2020 IRS form 4562 would reflect only the new property C.

Is this, in fact, what you are seeing? Or are you reporting something else on the form?

Page 1 of the instructions for IRS form 4562 lists the purposes of the form.

Who Must File

Except as otherwise noted, complete and file Form 4562 if you are claiming any of the following.

Depreciation for property placed in service during the 2019 tax year.
A section 179 expense deduction (which may include a carryover from a previous year).
Depreciation on any vehicle or other listed property (regardless of when it was placed in service).
A deduction for any vehicle reported on a form other than Schedule C (Form 1040 or 1040-SR), Profit or Loss From Business
Any depreciation on a corporate income tax return (other than Form 1120-S).
Amortization of costs that begins durlng the 2019 tax year.

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al-levek-gmail-cAuthor

Thanks, correct, a 4562 is only required for new property. I have only one new property for 2020. In previous returns generated by another party, they included 4562 for all properties so I was wondering if there was an option to do that

Are you sure that they included an actual 4562, rather than a worksheet that summarizes all depreciable assets?

The actual 4562 would not have any pertinent numbers on it if that form does not apply.

As was noted, it is generally only required if you have a new asset that was "placed in service" (which could include improvements to the old properties) or if you have Listed Property (such as a vehicle) that is being depreciated.