Form 4562 Depreciation & Amortization

This page provides information on entering assets for Depreciation and Amortization Form 4562 being reported on Schedule C, Schedule E, and Schedule F.

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.

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.

Asset Description:

The IRS only takes the first 9 characters of the description.

Click here to show advanced entries:

Please see Advance Entries below.

• Date Placed in Service

• Classification of Property

• Recovery Period (Years)

• Convention

• Depreciation Method

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.

Current Year Depreciation Deduction Override:

An amount entered here will override the calculated depreciation amount.