Why hasnt turbo tax generated a form 4562 for depreciation?

Forum|Forum|5 years ago
February 13, 2021
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TurboTax Self Employed Online

ColeenD3

Unless it is the first year an asset is placed in service, you don't always get Form 4562.

Who Must File

Complete and file Form 4562 if you are claiming any of the following.

Depreciation for property placed in service during the 2020 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), Profit or Loss From Business.
Any depreciation on a corporate income tax return (other than Form 1120-S).
Amortization of costs that begins during the 2020 tax year.

Pauldina

Has TurboTax updated the depreciation worksheet for rental property. When I try to enter expenses and new depreciation items I get a message that the IRS has not yet updated the worksheet and TurboTax will update when received. My software has been downloading updates but this update has not occurred. What is the fix?

Carl11_2

Employee

Depreciation of what? A SCH C business asset? SCH E Rental property? SCH F farm assets?

The 4562 forms are generated every year that you have depreciation on an asset of any type. However, it's only included in your filing if:

1) It's the first year you are depreciating assets.

2) You add/remove/sell/dispose of an asset, or anything else changes that would affect the depreciation of that asset.

So if one of the above doesn't apply to you, if you elect to "save everything" as a PDF, you'll be able to access and see the 4562 in the saved PDF file.

momof2labs

So, are you saying I can only depreciate (4562) my rental property the first year it's put in use? That's how I read your answer.

AmeliesUncle

@momof2labs wrote:
So, are you saying I can only depreciate (4562) my rental property the first year it's put in use? That's how I read your answer.

The FORM is only filed the first year when an asset is "placed in service". For all other years, you continue depreciation, but Form 4562 is not filed with the IRS.

Carl11_2

Employee

In the first year of having a rental property, there are three forms clearly labeled "form 4562" in the tax return. The first one prints in portrait format and is filed with the actual tax return in that first year *only*.

The other two form 4562's print in landscape format. One is titled "Depreciation and Amortization Report" and the other is "Alternative Minimum Tax Depreciation Report".

After that first year, if there is no change to the list of assets on the landscape 4562's, then that specific form is not filed with your tax return. The depreciation taken on the property will be shown on line 18 of the SCH E form every single year the property and/or it's assets are "in service" as a rental asset.

If there is "ANY" change to 'ANY" asset then the portrait 4562 will be generated and filed with the return.

The two landscape 4562's will be in your tax return *every* *year*, no matter what. Those two landscape form 4562's are for your records and are used to keep track of the depreciation history.

chriskitchin

I have received a form 4562 every year since the property was first rented out (2006) until 2020 when I am going back through the return pdf and don't see it. I don't see any option to save all or print worksheet, and Schedule E does not have any depreciation entered on line 18 (first time not included since 2006).

Nothing changed in 2020, the property continued to be rented. This is confusing, as in 2021 the property has been sold and I am trying to get paperwork together for the 2021 return which will need to include the sale.

Thanks

AmeliesUncle

Did you start your tax return in January? If so, the program had an error that did not carry over your depreciation.

https://ttlc.intuit.com/community/asset-depreciation/help/how-do-i-fix-my-rental-properties-and-royalties-sch-e-to-file-my-2020-return/00/1840181

Michael764

Does anyone know a good attorney? We have been using Home Business CD software. We have continually asked for help with this form 4562 being under construction. Turbo Tax has only sent us in circles with no fix. I see everyone else is still having same problem for last two months. We need to file a class action suit against Intuit for leaving us all in the dark. The customer service is not supporting any of us. This is ridiculous.

AmeliesUncle

If the software isn't working for you, ask a supervisor for a refund and have your tax returns prepared elsewhere. Nothing is forcing to you use TurboTax.

Michael764

Thanks, Will be doing that. It's just a shame all the time for all the different items of depreciation used over the years and how the program worked so good that Turbo Tax can't fix this bug. Will mean a lot of time re-entering so much information in a new software, but just not getting the support here anymore. So many others in the community that have stated they had to leave to a different software under this subject and similar subject related to this form 4562 issue is just a shame.