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Assets that have depreciated

William-01
Level 1

Hello,

I have an asset with basis of $826 using MARCS 7-Year S/L put in service 2013. Current depreciation is $0.00 - do I have to continue to list that asset on Form 4562 even though I have previously?

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2 Replies 2
sjrcpa
Level 15

Yes if it is still owned.


ex-AllStar
itonewbie
Level 15

Why would you want to remove it?  F.4562 is filed only if you have assets placed in service during the year.  PTO will, however, still produce depreciation schedules in years F.4562 is not required.  These details help you track the assets in case there's a sale later on and assets fully depreciated before 10 years from the date they were placed in service may still qualify for UBIA.

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Still an AllStar