jheathhuggins
Level 1
‎12-07-2019 06:23 AM

This is my 2nd year using proseries.

I have always done new 4562 every year for rental property's depreciation.  The data for one client I did last year for 4562 did not transfer over to this year.

This leds me to questions is we are using the same deprecation number on residential rental, do we need to keep doing form 4562 for the whole time, or just one time up to max number of years?

Thank you,

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TaxGuyBill
Level 15
‎12-07-2019 06:23 AM

Unless you have "Listed Property" on page 2 of Form 4562 or you are claiming Section 179 on the top of page 1, Form 4562 is only filed in the years that an asset is "placed in service".  It is not filed in other years.

View solution in original post

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Just-Lisa-Now-
Level 15
Level 15
‎12-07-2019 06:23 AM
Is it weird that I've never "used" the 4562, I just let the software create it or include it if necessary?  Is it common to have to make use of the 4562 manually?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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TaxGuyBill
Level 15
‎12-07-2019 06:24 AM
I never actually do anything with it either.  Except this year has an error that it doesn't factor in rental income if that rental is a Trade or Business, so some people need to enter the rental income on Line 11.
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