Form 4562 – Depreciation Deduction

Article: 50191

Overview

Use Form 4562 to:

  • Claim their deduction for depreciation and amortization.
  • Make the election under section 179 to expense certain property.
  • Provide information on the business/investment use of automobiles and other listed properties

Add Form 4562

To add Form 4562:

  1. Go to Federal Taxes.
  2. Click Review.
  3. Click I’d like to see the forms I’ve filled out or search for a form.
  4. Enter Your Depreciation Deduction in the search box and click on Your Depreciation Deduction to add and open the form.
  5. Enter your information and click Save.

de Minimis Safe Harbor Election

To make a §1.263(a)-3(h) “de minimis safe harbor” election on a Schedule E property, follow these steps:

  1. Make sure that the property is tied to Form 4562 by following these steps:
    • Add the depreciation screen.
    • When asked what type of property is being depreciated, select No until you reach the Real Estate Rental question.
    • On the Real Estate Rental question, select Yes, then select the Schedule E to which the election applies.
  2. Open Form 4562.
  3. Scroll down to the bottom of the form and select Show me the uncommon items.
  4. Under Section 1.263(a)-3(h), check the option Building qualifies for Section 1.263(a)-3(h) election.
  5. Click Save.

Further Information

About Form 4562, Depreciation and Amortization

Instructions for Form 4562

Publication 463

Publication 534

Publication 551

Publication 946