This article will walk you through entering depreciable assets for all return types in ProConnect Tax. It also explains how to force Form 4562 to generate if it's not required by the IRS.
When is Form 4562 required?
According to Form 4562 instructions, the form is required if the taxpayer claims any of the following:
- Depreciation for property placed in service during the current tax year
- Section 179 expense deduction (may include a carryover from a previous year)
- Depreciation on any vehicle or other listed property (regardless of when it was placed in service)
- A deduction for any vehicle reported on a form other than Schedule C (1040)
- Any depreciation on a corporate income tax return (other than Form 1120S)
- Amortization of costs that begins during the current tax year
Form 4562 will only print when the form is required.