Form 4562 Depreciation & Amortization
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This page provides information on entering assets for Depreciation and Amortization Form 4562 being reported on Schedule C, Schedule E, and Schedule F.
Add a New Asset Entry
Select "Click here to add a new Depreciation entry".
You must enter this page from the applicable schedule the depreciation deduction is being taken in.
Asset Basic Information Page:
The Schedule and Activity displayed that the Depreciation Deduction or Amortization Deduction will be carrying over to.
Do not add any assets other than the one(s) that apply to the Schedule you are working in.
Year Placed in Service:
Enter the year this depreciable asset was first placed in service.
Depreciation Asset Listing Page:
Asset Description:
The IRS only takes the first 9 characters of the description.
Click here to show advanced entries:
Please see Advance Entries below.
Asset Details:
Date Placed in Service
Classification of Property
Recovery Period (Years)
Convention
Depreciation Method
Classification of Property:
Click on Form 462 link to open IRS webpage on what property belongs to each of the classifications.
Form 462; Property List of each Classification
See also IRS Form 4562 Instructions for more information.
Convention:
Choose between
Half-Year
Mid-Quarter
Mid-Month
Depreciation Method:
(3) depreciation methods to choose from:
150% Declining Balance
200% Declining Balance
Straight Line
Cost or Other Basis:
Enter the total cost including sales tax or other basis.
Do not subtract prior year(s) depreciation.
Enter the % the qualified business portion of this asset/property. (1% - 100%) '
Section 179 and Special Depreciation:
Enter the proposed 179 Deduction
Enter the Special Depreciation Deduction amount.
**Only applicable to assets/property placed in service the current tax year.
Advance Entries:
Current Year Depreciation Deduction Override:
An amount entered here will override the calculated depreciation amount.