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:
- Go to Federal Taxes.
- Click Review.
- Click I’d like to see the forms I’ve filled out or search for a form.
- Enter Your Depreciation Deduction in the search box and click on Your Depreciation Deduction to add and open the form.
- Enter your information and click Save.
Schedule E 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:
- 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.
- Open Form 4562.
- Scroll down to the bottom of the form and select Show me the uncommon items.
- Under Section 1.263(a)-3(h), check the option Building qualifies for Section 1.263(a)-3(h) election.
- Click Save.