TaxGuyBill
Level 15
10-10-2024
12:17 PM
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You can't claim depreciation this year unless you also file Form 3115 to "catch up" on the missed depreciation. Form 4562 will not be part of the tax return unless they also added a new asset in 2023 or have "listed property" that is being depreciated.
If you have not done Form 3115 ... unfortunately October 10th isn't a good time to start figuring it out (and the return with Form 3115 needs to be filed by October 15th, or else it can't be used this year, unless the property was sold).